India's Saatvik Signs MoU for 3.6 GW Solar Cell Project

en.Wedoany.com Reported - On August 17, India's Saatvik Solar Industries has signed a memorandum of understanding with the Odisha Industrial Infrastructure Development Corporation to build a Phase II solar cell factory with an annual capacity of 3.6 GW in the state. The project is located in Gopalpur, Odisha, and is part of Saatvik Solar's capacity expansion plan for its local integrated photovoltaic manufacturing base.

Under the current plan, the Phase II project will add 3.6 GW of solar cell production capacity. Upon completion, Saatvik Solar's planned solar cell capacity at the Gopalpur base will increase from 2.4 GW in Phase I to 6 GW, complemented by the 4 GW solar module production line currently under construction in Phase I. The company has set the commercial production target for Phase II in fiscal year 2028.

Saatvik Green Energy management previously stated at the Q1 FY2027 earnings call that the Phase II project will occupy approximately 27 acres of land, with an estimated investment of INR 16-17 billion. Site works are planned to commence before the end of Q2 FY2027, with the project targeting construction readiness by Q2 FY2028. The above timeline remains subject to subsequent project approvals, investment arrangements, and implementation procedures.

The Phase I project at the same base includes a 2.4 GW solar cell production line and a 4 GW solar module production line. At present, major civil works and infrastructure construction have been completed, with production equipment undergoing installation, testing, and process validation. The supporting 220 kV substation is ready for power transmission. The company plans to initiate the ramp-up of the solar cell production line in the near term and undergo the second list inspection under the Approved List of Models and Manufacturers for photovoltaic modules in India in September 2026.

Saatvik Solar held the groundbreaking ceremony for the Phase I project at the Gopalpur manufacturing base in June 2025, with the overall plan announced at that time including 4.8 GW of solar cell and 4 GW of solar module capacity. Following phased adjustments, the Phase II project covered by this MoU will further increase the base's total planned solar cell capacity to 6 GW.