Luno Renewable to Foray into Cell Manufacturing, Launch IPO

What are the main products Luno Renewable offers for the Indian market?

Luno Renewable is now a reputed solar module manufacturer serving a wide range of significant clients. We currently produce Mono-PERC, TOPCon, and HJT-based solar modules, with a 600 MW manufacturing facility located in Haridwar, Uttarakhand. We have planned 100% of our manufacturing facilities in Uttarakhand.

Are you planning to expand your solar module manufacturing capacity?

Yes. By 2025, our total production capacity will reach 1.2 GW, with an additional 600 MW of new capacity. In the next financial year, we aim to expand further to 2 GW, primarily focusing on TOPCon technology. Initially, we had 200 MW of TOPCon capacity, and the strong market response has encouraged us to scale up production. Our focus will be on TOPCon, along with HJT and back-contact modules.

Luno Renewable collaborated with Vivek Oberoi and Vivek Bindra as brand ambassadors. How has this helped the firm?

Vivek Oberoi and Dr. Vivek Bindra have invested in our brand, making us one of the first solar companies to introduce celebrity endorsements for brand visibility. In 2021, we became the first in the solar sector to launch brand ambassadors for our products. As we prepare to expand globally, strong brand positioning remains a key part of our strategy.

Is Luno Renewable planning to enter solar cell manufacturing?

Yes. We plan to foray into solar cell manufacturing in the next financial year, with an initial 600 MW capacity, which will eventually scale up to 1.2 GW of TOPCon-based solar cell production.

What are your plans to strengthen the company’s financials?

We are preparing to launch an IPO by December 2025 and have already begun paperwork for the DRHP (Draft Red Herring Prospectus). This move will bolster our financial position and accelerate our solar cell manufacturing plans.

How do you view the future of the Indian solar module market?

The solar installation sector in India is witnessing strong growth, and we see immense opportunities up to 2035. This promising outlook has led us to expand our solar portfolio and adapt our strategies accordingly.

Is Luno Renewable planning to export its solar modules?

Currently, many of our OEM services are utilized for exports, meaning our panels are indirectly reaching international markets. However, from 2025-26, we will begin direct exports, supplying solar modules to 18 countries, marking a major milestone in our journey toward becoming a global solar brand.