Saatvik Solar Powers Gujarat’s Green Future with 450MW module supplied and confirms further 1GW supply in coming fiscal year
Ahmedabad, Founded in 2016, Saatvik Solar has rapidly emerged as India’s premier Solar PV Module manufacturer. With its state-of-the-art facility in Ambala, Haryana, and a workforce exceeding 1,400 employees, the company has evolved into a fully integrated solar powerhouse, offering advanced solar PV module production and comprehensive Solar EPC services for both Pan-India and global markets.
Manufacturing Excellence-Capacity and Expansion
- Current operational capacity: 1.8 GW/Annum.
- Additional 2 GW to be operational by November 2024
- Total module manufacturing capacity by FY24-25: 3.8 GW/Annum in Ambala with 3 Production plants.
Future Growth
Saatvik Solar has finalised Odisha as the location for an integrated Cell + Solar PV Module manufacturing plant:
- Initial cell manufacturing capacity: 2.5 GW/Annum
- Initial Solar PV module manufacturing capacity: 4 GW
- Plans for further expansion are in the pipeline
Innovation and Quality
- Diverse portfolio of high-efficiency solar PV modules
- Adherence to global quality standards certified by Bureau Veritas, UL, and TUV Rhineland
- 100% active CRM facility ensuring customer concern resolution
- Commitment to technological advancements in manufacturing processes
Financial Outlook
- Revenue growth: (10X Growth) INR 100 crore to INR 1,100 crore over the last four financial years.
- Projected revenue for the current fiscal year: Over INR 2,000 crore
- Expected profit after tax: INR 170-180 crore (80% growth from the previous year)
- Aim to increase market share to 7%-10% in India by FY2026
New Product Launches at REI Expo 2024
- N-TOPCon G12R module:
- Power output up to 625 Wp
- 132 Cells with 16 Multi Buss Bar technology
- Utilizes N-type TOPCon technology for high energy conversion efficiency
- 100% stainless steel submersible pump range:
- Capacity: 3HP to 10HP
- Applications: Drinking water supply, livestock watering, pond management, irrigation
- NABL accredited for performance & quality
Sustainability and Community Engagement
- Focus on developing an integrated value chain in Solar Panel manufacturing
- Exploration of energy storage advancements and green hydrogen projects
- Commitment to reducing environmental footprint while meeting energy demands
- Active CSR initiatives supporting local communities and promoting sustainability
Gujarat-Specific Contributions
Saatvik Solar has made significant strides in Gujarat’s solar revolution:
- Key supplier for prestigious projects:
- 100 MW GSECL Project at Raghanseda
- 30 MW GSECL Project in Kutch
- 324 MW GUVNL project at Sundernagar & Radhanpur
- 2.6 MW ONGC project in Khambhat (Anand)
- Strong retail presence across Gujarat, aligning with the PM Surya Scheme
- Extensive distribution network spanning North Gujarat, South Gujarat, Saurashtra, and Kutch
- Supplied solar solutions to various industrial clients, including Fuji Silvertech Concrete Pvt Ltd, Amul Mandali, and Baxter Pharmaceutical India Pvt Ltd
Leadership
A robust management team steers the company:
- Neelesh Garg, Chairman & Managing Director
- Manik Garg, Managing Director
- Prashant Mathur, CEO
- Abani Kant Jha, CFO
Saatvik Solar’s commitment to innovation, quality, and sustainability positions it as a leader in India’s renewable energy landscape and the global solar market. With its impressive growth trajectory and strategic expansion plans, Saatvik Solar is not just participating in the solar industry—it’s actively shaping its future.
