Our Module & Cell Lines To Be Online By FY27: LNK Energy Co-Founders

How did the three of you connect and decide to come together to found LNK Energy?

Nandan: It’s actually an interesting story. Varun and I have known each other for several years through a common investor who had invested in my previous company as well as in Varun’s earlier venture, where he was part of the founding team.

When I exited Sunsource , I was actively looking to get into biofuels because I saw it as an emerging sector. Around that time, Varun had also moved out of his earlier role and was planning to start his own platform. Given his understanding of the bioenergy space, it made sense for us to reconnect.

Separately, Paritosh and I go back many years. We are from the same city, Agra, and at one point his group was also a client at Sunsource. Paritosh brings deep manufacturing and distribution experience. Over several discussions, one thing led to another, and we realised our strengths were complementary. That’s how LNK Energy came together.

Do you see solar manufacturing as an entirely different ballgame—one that requires the right experience and mindset?

Nandan: You’re absolutely right. Manufacturing is a very different mindset. Execution at scale, supply chains, quality control—these are not easy.

Paritosh’s group has nearly five decades of manufacturing experience, working with global brands like Coca-Cola and building deep distribution networks, particularly in challenging markets like Uttar Pradesh and Bihar. Varun is a hardcore execution-focused entrepreneur. I focus on putting platforms together and scaling them.

When we evaluated solar manufacturing, we realised that while we understood the solar business, manufacturing at scale in India required combining all these strengths. That’s when we felt the timing was right to bring them together.

Can you walk us through what you plan to build and the scope of the project?

Nandan: The first phase will be a solar cell and module manufacturing facility. Alongside this, we have already started evaluating backward integration into ingots and wafers.

The cell and module lines are expected to start coming online by the end of this year or early next year—by around March 2027. The overall roadmap is about five years, during which we plan to build a fully integrated manufacturing platform.

How do you see the sector evolving beyond India’s 2030 renewable energy targets?

Nandan: If you look at the numbers, a few years ago the bulk of installations were utility-scale solar. Now, commercial and industrial rooftops, decentralised solar, and new segments are growing rapidly.

States themselves are scaling up aggressively—Uttar Pradesh alone is targeting around 2 GW, Kerala is targeting around 500 MW. Current annual installations in India are estimated at 40–60 GW, depending on who you speak to. China installs about 200 GW a year.

With green hydrogen coming in, storage costs falling, and industrial electrification increasing, we believe India’s annual installations could cross 100 GW, even 120 GW, post-2030. Solar remains the fastest and most scalable solution.

Varun, with your background in bioenergy and the China-dominated solar supply chain, how are you preparing for this dynamic?

Karad: We are very clear that we want to work with the best technology, irrespective of geography. At the same time, localisation is a long-term priority.

In bioenergy, when we started RED, many components initially came from Germany. Over the last three to four years, we have indigenised almost the entire manufacturing chain. Today, nearly 99% of our plant equipment is made in India.

Our approach at LNK Energy will be similar. In the first phase, we are bringing TOPCon technology into the country. We are working with German and Asian partners, and we are keeping all options open. Over time, we intend to localise manufacturing across the value chain.

With concerns around overcapacity in solar manufacturing, how do you view the risk given your entry?

Nandan: If you look only at module nameplate capacity, it appears large—around 140 GW. But if you look under the hood, actual cell manufacturing capacity is closer to 15 GW. With ALMM requirements, new efficiency standards, and technology upgrades, much of the existing capacity will become obsolete.

That’s why we decided not to manufacture modules alone. We are focusing on cells and then moving backwards into wafers and ingots. Beyond that, there are huge opportunities in frames, glass, back sheets, EVA, junction boxes, cables, connectors, adhesives—entire ecosystems that are still underdeveloped.

You also chose Maharashtra after evaluating several states. What tipped the balance?

Nandan: We evaluated Uttar Pradesh, Karnataka, Tamil Nadu, Andhra Pradesh, Madhya Pradesh and Rajasthan. Maharashtra stood out because of execution speed, professionalism and the plug-and-play infrastructure that was offered.

As entrepreneurs, when we deploy capital, we want speed and certainty. Maharashtra also offers logistical advantages, being close to large markets like Maharashtra, Gujarat and Rajasthan. Over time, logistics costs become a critical competitive factor.

With the Union Budget coming up, what would you like to see from policymakers to support the sector?

Nandan: The government has already done a lot under the Make in India initiative, especially for clean-tech manufacturing. These are capital-intensive, long-term investments, so continuity and gradual enhancement of existing support mechanisms are more important than sudden changes.

Karad: From our side, the key ask is policy stability. We are here with patient capital and a long-term view. We are not chasing short-term cycles. The government’s schemes—whether in solar, bioenergy or clean fuels—have been supportive. Predictable policies will allow companies like ours to scale sustainably.