Saatvik Green Energy Marks 10 Years In India’s Solar Sector

Saatvik Green Energy Marks 10 Years In India’s Solar Sector

Indian solar module manufacturer Saatvik Green Energy Ltd (SGEL) on Wednesday marked its 10th anniversary, highlighting a decade of operations in the country’s clean energy sector.

Founded on May 29, 2015, as Saatvik Green Energy Pvt Ltd, the company was incorporated under the Companies Act, 2013. It transitioned to a public limited company in September 2024 following board and shareholder resolutions, and was renamed Saatvik Green Energy Ltd.

2 GW Module Supply

Since its inception, SGEL has supplied over 2 GW of high-efficiency solar photovoltaic modules to both domestic and international markets. It is one of the few Indian companies with integrated capabilities in module manufacturing and engineering, procurement and construction (EPC), according to a CRISIL report. The company reported an installed EPC base of 69.12 MW in fiscal 2024 and also provides operations and maintenance (O&M) services for its EPC clients.

“We are entering a new phase of expansion, including backward integration into cell manufacturing – a vital step toward long-term sustainability,” said CEO Prashant Mathur. SGEL is setting up an integrated cell and module manufacturing facility in Odisha, with a 4.8 GW cell line capacity expected to be operational in fiscal 2027, and a 4 GW module capacity by fiscal 2026. Plans are also in place for a facility in Mohasa-Babai, Madhya Pradesh, to produce ingots, cells, and wafers.

Going Global 

Chairman and Managing Director Neelesh Garg said the company aims to grow its presence in both domestic and global markets. “We are focused on delivering innovative and cost-effective solar solutions tailored to diverse energy needs,” he said.

Managing Director Manik Garg added that SGEL will expand its distribution network across India to boost accessibility. “We’ve established regional warehouses in Rajasthan, Maharashtra, Kerala and Madhya Pradesh to ensure timely deliveries. Partnerships with local distributors will help us reach deeper into Tier II and Tier III cities,” he said.

With A Modest Start With125 MW Capacity 

SGEL began manufacturing in 2016 with an installed capacity of 125 MW. As of February 2025, capacity has increased to 3.8 GW. Revenue from operations grew from ₹4.8 billion in FY22 to ₹10.9 billion in FY24, reflecting a compound annual growth rate (CAGR) of over 50%. EBITDA rose from ₹148 million to ₹1.57 billion over the same period.

The company currently operates three module manufacturing facilities in Ambala, Haryana, spread across 724,225 square feet. It plans to add 1 GW of capacity at one of these facilities by Q1 FY26, raising total Ambala capacity to 4.8 GW.

Headquartered in Gurugram, Saatvik Green Energy is one of India’s leading solar module manufacturers with an operational capacity of 3.8 GW as of February 2025. The company offers Mono PERC and N-TopCon modules, as well as EPC and O&M services.