After the successful public issues
by Waaree Energies and Premier
Energies last year, Bengaluru-based
Emmvee - maker of solar photovol-
taic modules - is preparing to raise
Rs 2,500–3,000 crore through an
initial
public
offering
(IPO),
reflecting a growing investor appe-
tite for clean energy, people aware
of the development on the condition
of anonymity.
The Emmvee Group has a total
manufacturing
capacity
of
2.5
gigawatts (GW) and 6.6 GW capaci-
ty for solar cells and solar modules,
respectively. The group has a track
record of over 30 years in the solar
industry, with a business spanning
across solar water heating systems
and modules.
Sources said the solar module
maker is likely to use the IPO
proceeds to fund capital expendi-
ture as it looks to expand cell and
module manufacturing capacity, to
tap growing domestic and global
demand
for
renewable
energy.
Emmvee may also use part of the
funds to repay debt used for previ-
ous capacity expansions.
Emmvee is working with invest-
ment banks Kotak Mahindra Capital
and JM Financial as well as other
advisors for the proposed initial
public offering.
The government is pushing the
pedal on pumped hydro storage
projects (PSPs), with the power
ministry targeting to clear 13 such
plants this fiscal, double the previ-
ous years, as it speeds up the
approval process to get more private
investment.
Several
private
companies
are
investing
in
pumped
storage
projects to support the integration
of renewable energy sources but
face delays in getting approvals
from the government.
“Based
on
various
feasibility
studies submitted to us, the govern-
ment has set a target of doubling the
number of PSP approvals from six
plants in FY25 to 13 in the current
financial year. If we see in gigawatt
(GW) scale, the increase will be 2x
from 7.5 GW to 22 GW planned in
FY26," said a senior ministry
official.
In most cases, the timeline — from
the approval of a detailed project
report (DPR) to commissioning —
will be about four years, the official
said.
A second ministry official said the
approval processes were not only
been streamlined but are being fast
tracked too.
“We have appointed the Central
Electricity Authority (CEA) as the
nodal agency, which has developed
an exclusive portal - ‘Jalvi Store’ -
for a transparent approval process,”
the official said.
The DPR framework has been made
shorter for faster submissions and
received a good response from the
private sector, the official said.
Investment from the private sector
shall increase further as the govern-
ment’s baseline identified PSP
potential is 200 GW, the official
said.
N ews
SOLAR MODULE MAKER EMMVEE EYES RS 2,500–3,000 CRORE
VIA IPO, JOINS THE FUNDRAISE BANDWAGON
GOVT LOOKS TO TRIPLE CLEARANCES FOR PUMPED
HYDRO STORAGE PROJECTS THIS FISCAL
18 | June 2025 | www.industrialoutlook.in