Brookfield-Backed Avaada Electro Moves Toward ₹10,000 Crore IPO, Targets Solar Expansion

Avaada Electro Pvt. Ltd., the solar manufacturing arm of the Brookfield-backed Avaada Group, has confidentially filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed ₹9,000–₹10,000 crore initial public offering (IPO). The issue will comprise a combination of fresh shares and an offer-for-sale by existing investors.

Proceeds from the IPO are expected to fund large-scale expansion in high-efficiency solar cell and module manufacturing. The company plans to develop an integrated solar facility in Uttar Pradesh and enhance its existing plant in Maharashtra, aligning with India’s growing focus on domestic clean-tech production and renewable infrastructure.

Avaada Electro, part of the diversified Avaada Group, has established itself as one of the country’s leading players in solar technology. Its facilities employ advanced N-type TOPCon technology and are certified under BIS, IEC, UL, and ISO standards, positioning the company as a frontrunner in high-performance solar manufacturing.

At the heart of Avaada’s growth strategy is its “Super Factory” near Nagpur, featured in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM). The plant produces high-efficiency bifacial glass-to-glass solar modules using AI-powered manufacturing systems and smart energy management, reflecting the company’s focus on automation and innovation in renewable production.

Avaada Electro’s rapid expansion mirrors India’s broader push toward renewable energy independence. Backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), the Avaada Group secured $1.3 billion in 2023 to accelerate its ventures across solar, hydrogen, battery storage, and green ammonia. With India targeting 500 GW of renewable capacity by 2030, Avaada’s planned IPO marks a significant milestone in advancing the nation’s clean-energy transition and manufacturing self-reliance.