Make in India: Solar companies prepare IPOs
POWER & RENEWABLE ENERGY

Make in India: Solar companies prepare IPOs

Solar panel manufacturers Vikram Solar and Waaree Energies have appointed investment banks for their respective initial public offerings (IPOs) as the firms look to develop business riding the drive for local manufacturing.

Both the firms, Vikram Solar and Waaree Energies, aim to raise about Rs 1,500 crore each.

Vikram Solar has hired JM Financial and has begun working on its IPO while Waaree Energies has hired Axis Capital and ICICI Securities for its IPO, one of the three people told the media. While both firms aim to raise capital to fund improving their manufacturing capacities, in the case of Vikram Solar, a substantial part of the profits will move towards decreasing its debt. Waaree Energies practically is debt-free currently.

There is a strong government push to increase domestic manufacturing of solar panels, given the huge capacities that India aims to establish in the coming years, and so far, there has been a huge dependence on imports of solar panels, notably from China. The government’s goals to bring in high duties on imports of cells and solar panels is a big boost for domestic manufacturers, the second person mentioned above said.

India is running the world’s largest clean energy programme to reach 175 GW of renewable capacity, comprising 100GW of solar power by 2022. As per the Central Electricity Authority, by 2030, the country’s power demand would reach 817 GW, more than half of which would be clean energy; of this, 280 GW would be from solar energy alone.

To accomplish the aim of 280 GW, about 25 GW of solar power capacity is required to be established every year till 2030.

Image Source


Also read: Lucknow Smart City floats tender for 8.5 MW rooftop solar systems

Also read: Mitsui to invest Rs 30 cr in biomass supply-chain firm in India

Solar panel manufacturers Vikram Solar and Waaree Energies have appointed investment banks for their respective initial public offerings (IPOs) as the firms look to develop business riding the drive for local manufacturing. Both the firms, Vikram Solar and Waaree Energies, aim to raise about Rs 1,500 crore each. Vikram Solar has hired JM Financial and has begun working on its IPO while Waaree Energies has hired Axis Capital and ICICI Securities for its IPO, one of the three people told the media. While both firms aim to raise capital to fund improving their manufacturing capacities, in the case of Vikram Solar, a substantial part of the profits will move towards decreasing its debt. Waaree Energies practically is debt-free currently. There is a strong government push to increase domestic manufacturing of solar panels, given the huge capacities that India aims to establish in the coming years, and so far, there has been a huge dependence on imports of solar panels, notably from China. The government’s goals to bring in high duties on imports of cells and solar panels is a big boost for domestic manufacturers, the second person mentioned above said. India is running the world’s largest clean energy programme to reach 175 GW of renewable capacity, comprising 100GW of solar power by 2022. As per the Central Electricity Authority, by 2030, the country’s power demand would reach 817 GW, more than half of which would be clean energy; of this, 280 GW would be from solar energy alone. To accomplish the aim of 280 GW, about 25 GW of solar power capacity is required to be established every year till 2030. Image Source Also read: Lucknow Smart City floats tender for 8.5 MW rooftop solar systems Also read: Mitsui to invest Rs 30 cr in biomass supply-chain firm in India

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?