Saatvik Green Energy has advanced its renewable energy manufacturing footprint in Odisha through a Memorandum of Understanding (MoU) with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL). The agreement, disclosed on August 17, 2026, outlines plans for a 3.6 GW Phase II solar cell manufacturing facility at Gopalpur in Ganjam district. This development builds on the company’s ongoing Phase I integrated manufacturing project at the same location.

Partnership and facility details

The MoU signifies a significant expansion of Saatvik Solar Industries Private Limited’s operations in the state. The new facility is designed to deepen the company’s presence across the solar value chain and support the growing demand for domestically manufactured solar products. The project is expected to generate employment opportunities and contribute to Odisha’s renewable energy manufacturing ecosystem.

Phase I progress towards commissioning

While Phase II is in the planning stage, Saatvik Solar has made substantial progress on its Phase I integrated manufacturing facility at Gopalpur. This initial phase comprises 2.4 GW of solar cell capacity and 4 GW of module manufacturing capacity. Major construction and infrastructure works are complete, with equipment installation and testing activities advancing across the facility.

Key milestones achieved include:

• Completion of dedicated 220 kV substation, ready for charging.
• Manufacturing lines progressing through final installation, testing, validation, and process readiness.
• Cell line ramp-up scheduled shortly, marking a step towards operational readiness.
• ALMM-II inspection planned for September 2026.

Strategic outlook

The phased development at Gopalpur reflects Saatvik Green Energy’s long-term strategy to build an integrated, technologically advanced solar manufacturing ecosystem. The company aims to create a resilient supply chain capable of meeting domestic demand while positioning India as a global manufacturing powerhouse for clean energy.

Prashant Mathur, CEO of Saatvik Green Energy Limited, stated that Odisha represents more than a manufacturing milestone but a statement of ambition. He highlighted that as the 2.4 GW cell and 4 GW module lines move towards production, the company is taking decisive steps to build scale and strengthen integration. With Phase II targeted for commercial production by FY28, the company intends to significantly scale its integrated manufacturing footprint.

Saatvik Green Energy Limited's board of directors, at its meeting held on August 14, 2026, approved the appointment of two audit firms for FY2026-27. The appointments, made on the recommendation of the Audit Committee, cover internal audit and cost audit functions in accordance with the Companies Act, 2013.

Auditor appointments at a glance

The following table summarises the two appointments approved by the board:

Profiles of the appointed firms

Protiviti India Member Private Limited is a member of Protiviti, a global consulting firm. Protiviti and its independent and locally owned member firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, HR, risk and internal audit through a network of more than 90 offices in over 25 countries.

M/s K. K. Sinha & Associates, Cost Accountants, is described as a well-established name in income tax consultancy, goods and service tax consultancy, product pricing and cost estimates, cost audit and compliance reports, cost accounting records, tax deduction at source returns, cases in appeals, liaison with departments, and central excise and service tax consultancy, among other services.

Regulatory compliance

The intimation was made pursuant to Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Details were disclosed in accordance with the SEBI Master Circular dated January 30, 2026, as amended from time to time. The disclosure was signed by Jyoti Verma, Company Secretary and Compliance Officer, on August 14, 2026.