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Gautam Solar announced on Tuesday that it aims to raise ₹1,000 crore through an Initial Public Offering (IPO) within the next 12 to 18 months. This money will help fund a new solar cell manufacturing project with a capacity of 2 gigawatts (GW). The company plans to increase its overall solar module production capacity to 5 GW by 2025.
In a statement, Gautam Solar explained that the ₹1,000 crore raised from the IPO will support its expansion and innovation efforts. The expansion will be done in three phases, with the first phase expected to finish by November 2024, and the second and third phases to follow in January and April 2025.
According to the company, this IPO is crucial for its growth. It will allow Gautam Solar to set up a 2 GW solar cell manufacturing plant, which will help meet the goal of reaching 5 GW of solar module production by the target date.
Gautam Mohanka, the Managing Director of Gautam Solar, emphasized the importance of this expansion, especially as India aims for 500 GW of renewable energy by 2030. Currently, India’s solar energy capacity is about 70 GW. With this new project, Gautam Solar is expected to contribute around 5-7% of the country’s total solar energy capacity.
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