Krivi Energy Plans Solar Manufacturing, Eyes IPO in 2026

Krivi Energy, another new entrant to the solar manufacturing is now planning big for its near future. The new emerging solar module manufacturer, is gearing up for a significant expansion in the Indian solar manufacturing sector post its entry. The company has outlined an ambitious roadmap that includes increasing its production capacity, launching an IPO, and eventually venturing into solar cell manufacturing in a phased manner.

Raj Bhalala, MD of the firm said that the company is starting with a total of 400 MW of solar module manufacturing from Vadodra in Gujarat. This will be a mixture of mono-PERC and TOPCon production lines. However, the firm has planned to focus primarly on the production of TOPCon based solar modules.

Scaling Up Production

According to Raj Bhalala, Managing Director of Krivi Energy, the company is focusing on TopCon solar technology due to its lower degradation levels compared to Mono PERC modules.

“Our priority is to dominate the TopCon segment. In the coming days, we will focus heavily on this technology,” Bhalala stated.

Krivi Energy’s expansion plans are as follows:

• 400 MW TopCon + Mono PERC (initial production)
• 1 GW total capacity by December 2025
• 1.6 GW capacity by June 2026

Following this expansion, the company intends to launch its IPO in Q1 2026 to fund further growth.

Foray into Solar Cell Manufacturing

With the ALCM (Approved List of Models and Manufacturers) mandate coming into effect in 2026, Indian solar panel manufacturers will be required to produce solar cells domestically. In response, Krivi Energy plans to enter the solar cell manufacturing sector between June and September 2026, following its IPO.

“To remain sustainable, solar panel makers must integrate solar cell production in-house. We have decided to take this step to ensure long-term growth,” Bhalala added.

Government Policies Driving Demand

The Indian government’s PM Surya Ghar Muft Bijli Yojana has significantly boosted demand for solar modules. The increased budgetary allocation for the scheme has led to a surge in installations, creating a favorable market for Indian manufacturers.

“Given the higher scale of installations, we foresee a bright future for Indian solar module makers,” Bhalala noted. Krivi Energy already manufactures Mono PERC modules under the DCR (Domestic Content Requirement) category to cater to the growing demand.

Expanding Beyond India

Looking ahead, Krivi Energy aims to expand its footprint in international markets within the next 2-3 years. The company anticipates that domestic solar module production will soon exceed India’s internal demand, prompting a focus on exports. Krivi Energy is planning to set up its solar module manufacturing plant in Gujarat, while exploring other locations for its upcoming solar cell manufacturing facility.