Odisha’s Renewable Growth Journey
Odisha has steadily positioned itself as a hub for industrial and infrastructure development, balancing economic growth with sustainable initiatives. The state has leveraged policy incentives, strategic land allocation, and a skilled workforce to attract both domestic and international investors. Over the past few years, Odisha has emerged as a preferred destination for renewable energy projects, aligning with India’s ambitious targets under the National Solar Mission and the Atmanirbhar Bharat initiative. The latest announcement by Saatvik Green Energy Limited (SGEL) further underscores Odisha’s rising stature in the clean energy manufacturing landscape.
A ₹3,150 Crore Solar Manufacturing Project
SGEL has unveiled plans to invest ₹3,150 crore in a greenfield solar manufacturing facility in Odisha. The project, aimed at producing 4 GW of solar PV modules and 4.8 GW of solar cells, will be implemented in two phases.
In phase one, SGEL will set up a 4 GW module line and a 2.4 GW cell line, with investments of ₹550 crore and ₹1,300 crore respectively. Phase two will expand the cell capacity by another 2.4 GW, backed by an additional ₹1,300 crore. Prashant Mathur, SGEL CEO, highlighted that the Odisha facility is central to the company’s expansion strategy, enabling it to meet rising domestic and global demand for high-efficiency solar components.
Strengthening India’s Renewable Ecosystem
The Odisha project reflects SGEL’s ambition to become a fully integrated renewable energy company. The facility will span the entire value chain, from upstream wafer inputs to module assembly and inverter integration. “Manufacturing within India supports Atmanirbhar Bharat and reduces dependency on imports,” Mathur emphasized.
The facility is expected to generate significant employment, stimulate ancillary industries, and reinforce Odisha’s position as a green energy hub. By boosting domestic solar manufacturing capacity, the project aligns with India’s broader renewable energy goals and contributes to achieving national solar installation targets.
Market Momentum and Financial Strength
SGEL’s expansion is backed by robust financial performance. In Q1 FY26, the company produced 685 MW at 81.47% capacity utilization and maintained a strong order book of 4.05 GW. Its IPO in September 2025, aimed at raising ₹900 crore, was oversubscribed 6.5 times, reflecting strong investor confidence. The company’s net profit surged to ₹118.82 crore in the June quarter, driven by growing demand for renewable energy solutions.
Odisha’s Strategic Advantage
Saatvik’s investment cements Odisha’s reputation as a strategic destination for clean energy manufacturing. The new solar facility complements the state’s broader industrial and renewable energy ambitions, attracting further domestic and foreign investment.
A Sustainable Future
The SGEL project exemplifies how Odisha is leveraging policy support and infrastructure readiness to become a cornerstone of India’s renewable energy ecosystem. By combining large-scale manufacturing with employment generation and technological advancement, the state is not only advancing its industrial growth but also contributing to India’s sustainable energy transition. Saatvik’s Odisha facility signals a new chapter in domestic solar manufacturing, reinforcing both economic and environmental progress.
(With agency inputs)
