India’s Emmvee to invest $625.75 million in solar manufacturing expansion

India’s Emmvee to invest $625.75 million in solar manufacturing growth

BENGALURU, November 7, 2025 – Indian solar module manufacturer Emmvee Photovoltaic plans to invest USD 625.75 million to expand its manufacturing capacity amid rising domestic demand, Reuters reported on Thursday.

The Bengaluru-based company will add 2.5 GW to its current module production capacity of 7.8 GW by the end of 2025, and is planning additional expansions to reach 16.3 GW by H1 2028.

The expansion will be funded through 60% debt and 40% equity, supported by a USD 372-million loan from the Indian Renewable Energy Development Agency. Emmvee is also targeting to raise around USD 327 million in an IPO on November 11, with part of the proceeds earmarked for the repayment of long-term debt of about USD 183 million.

Indian manufacturers of solar generation equipment are expanding capacity in the context of a government push to lift the share of non-fossil fuel sources in the domestic energy mix to 50% by 2030.

“The domestic market remains the priority, and export opportunities could be tapped depending on global conditions,” said Emvee CEO Suhas Donthi, adding that most of India’s solar manufacturing capacity is currently “on paper,” and the market is highly fragmented.

Emmvee Photovoltaic is a vertically integrated manufacturer specialising in solar modules, cells and water heaters. The company has executed turnkey rooftop solar solutions and large-scale EPC projects in India and Europe.

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