Emmvee Photovoltaic, a company that is preparing to IPO, bets $625.75 millions on India's solar boom.

Emmvee Photovoltaic Power, an Indian solar panel manufacturer that is preparing to launch its initial public offering, plans to invest around 55 billion rupees (625.75 million dollars) to expand their manufacturing capacity. They are betting on the robust demand in India, according to a top executive.

The company plans to increase its capacity to 16.3 GW in the first half 2028. It currently has 7.8 gigawatts.

Emmvee also plans to increase its cell production from 2.94 GW to 8.94 Gw by the first half 2028.

The company plans to launch its 29 billion rupee IPO in November and will use the net proceeds of this IPO to pay down a long-term loan of approximately 16.21 billion rupees.

In an interview with Suhas Donthi on Thursday, the CEO revealed that the manufacturing expansion would be funded through a combination of 60% debt and 20% equity. The company also secured a loan for 33 billion rupees from the Indian Renewable Energy Development Agency.

Emmvee has recently expanded its renewable manufacturing capacity in India, which is aiming to reach 500 gigawatts by 2030.

Donthi stated that "the domestic market is still the most important, but export opportunities may be available depending on global conditions."

Analysts expect that U.S. tariffs up to 50% on solar panels shipments from India and potential anti-dumping duty will add pressure to India’s module makers in the coming year.

Donthi stated that the installed manufacturing capacity is only significant on paper and the market has a high degree of fragmentation.

He said that solar project developers prefer high-quality and reliable suppliers. This gives Emmvee an edge in the market. ($1 = 87.8950 Indian Rupees)

(source: Reuters)