Move Marks Saatvik entry into the IPP business with a 41 MW PPA-backed project in Maharashtra, advancing its shift from solar manufacturing and EPC to a fully integrated renewable energy platform.
Editor’s Synopsis
- Saatvik Green Energy’s completely owned subsidiary, Saatvik Cleantech EPC Private Limited, has signed a Share Purchase Agreement to acquire a 49% equity stake in Intelligent Hydel Solutions Private Limited (IHSPL).)
- IHSPL is developing a 41 MW AC solar power project in Maharashtra supported by a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).)
- The transaction marks Saatvik’s strategic entry into the Independent Power Producer (IPP) segment, adding long-term, PPA-backed generation assets to its established solar manufacturing and EPC businesses.
- The 41 MW project is part of Maharashtra’s initiative to solarise agricultural and rural feeders, aligning with national clean energy and farmer-focused policies.
- The acquisition, for a cash consideration of ₹1,30,58,500, is expected to be completed within 30 days of the intimation date, subject to the conditions in the SPA.
National, 13 February 2026:
Saatvik Green Energy Limited, one of India’s fastest-growing fully integrated renewable energy company listed on the BSE & NSE, announced that its wholly owned subsidiary, Saatvik Cleantech EPC Private Limited (“Saatvik EPC”), has signed a Share Purchase Agreement (“SPA”) to buy 49% of the shares of Intelligent Hydel Solutions Private Limited (“IHSPL”).
This strategic deal is the first step for Saatvik to get into the Independent Power Producer (IPP) business. It will add long-term, PPA-backed renewable energy assets to its solar module manufacturing and EPC capabilities.
IHSPL has signed a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to build a 41 MW AC solar power plant in Maharashtra. The plant will provide clean power as part of a state-led program to solarise agricultural and rural demand. After the deal is completed, RMC Switchgears Limited will retain 51% of IHSPL, while Saatvik Cleantech EPC Private Limited will own the remaining 49%.
Mr Prashant Mathur, CEO of Saatvik Green Energy Limited, said, “This proposed acquisition is a key milestone in Saatvik’s journey toward building a diversified and integrated renewable energy portfolio.” We’re taking our first real step into the IPP space by adding a 41 MW project in Maharashtra that is backed by a power purchase agreement (PPA). At the same time, we’re continuing to build on our strong foundation in solar module manufacturing and EPC. This partnership-driven model lets us make long-term, sustainable value for our stakeholders and help India reach its goals for clean energy and rural electrification.”
Through previous work together on solar projects in Maharashtra, Saatvik has built a strong operational track record with MSEDCL. The company has delivered over 1,800 solar submersible pumps worth more than ₹30 crore through government-backed programs like PM-KUSUM and Magel Tyala Saur Krushi Pump Yojana. These partnerships have improved Saatvik’s ability to execute tasks and its on-the-ground presence in the state, making this strategic acquisition a strong one.
About Saatvik Green Energy Limited
Saatvik Green Energy Limited is one of India’s leading solar photovoltaic module manufacturers, with a strong presence across utility-scale, commercial & industrial, EPC, and distributed solar segments. The Company currently operates a 4.8 GW module manufacturing facility in Ambala, Haryana, and is developing a Greenfield integrated manufacturing facility in Odisha with 4 GW of module capacity and 4.8 GW of solar cell capacity. With a focus on technology, quality, and execution, Saatvik aims to play a meaningful role in India’s renewable energy transition.
For media queries:
Himanshu Singhal
Saatvik Green Energy Limited
Himanshu.singhal@saatvikgroup.com
9811143435
Supreet Ahuja
Adfactors PR
9999202252
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