Saatvik Solar Industries Private Limited Commences Ground Activities for its Upcoming integrated cell and module Manufacturing Facility in Odisha

Gopalpur, Odisha | June 3 — Saatvik Solar Industries Private Limited (“SSIPL”), a wholly owned subsidiary of Saatvik Green Energy Limited (“SGEL”) today announced the commencement of ground activities for setting up of a 4.00 GW solar PV module manufacturing facility (“Project Site”), which shall be set-up on the land sub-leased from Tata Steel Special Economic Zone Limited (“TSSEZL”) out of total 57 acres located at National Highway – 16, Chama Khandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha, India SSIPL is a wholly owned subsidiary of SGEL, one of India’s fastest-growing solar module manufacturers

The Company has begun the vendor mobilization and on-site operations including ground levelling, utility access, and preliminary construction in the run-up to the official groundbreaking ceremony.

“Our initiative to achieve backward integration into cell manufacturing is a critical step in our long-term growth and sustainability objectives. We intend to establish a 4.80 GW cell line manufacturing capacity and 4.00 GW module manufacturing capacity across our proposed manufacturing facility in Odisha, which are expected to be operational in Fiscal 2027 and Fiscal 2026, respectively,” said Prashant Mathur, CEO, SGEL

This strategic expansion marks a significant milestone in Saatvik’s long-term commitment to support India’s renewable energy vision through Make-in-India solar capacity.

About Saatvik Green Energy Limited

Headquartered in Gurugram, SGEL is one of India’s leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.80 GW modules as of February 28, 2025. The SGEL offers Mono PERC and N-TopCon modules, EPC services, and O&M capabilities.

Disclaimer:

SAATVIK GREEN ENERGY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, an initial public offering of its Equity Shares and has filed the DRHP with SEBI and Stock Exchanges on March 13, 2025. The DRHP is available on the websites of SEBI, BSE and NSE at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and on the websites of the Book Running Lead Managers i.e. DAM Capital Advisors Limited at www.damcapital.in, Ambit Private Limited at www.ambit.co and Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, respectively and also at the website of the Company at https://saatvikgroup.com/Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” on page 54 of the DRHP. Potential investors should not rely on the DRHP for making any investment decisions.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement exemption set out in Section 4(a) of the U.S. Securities Act.