Avaada Solar Cell Unit Considers $1 Billion IPO with Brookfield, Axis Bank, HSBC, ICICI Securities, and Bank of America.

Avaada Group, backed by Brookfield Renewable Partners, is considering an IPO for its solar cell unit, Avaada Electro Pvt., that could raise up to $1 billion. The IPO, led by Axis Bank, HSBC, ICICI Securities, and Bank of America, will primarily consist of a fresh issuance of shares. The deal would be one of several clean-energy IPOs in India, where the government aims to more than double the country's clean energy capacity to 500 gigawatts by 2030.

Avaada Group, backed by Brookfield Renewable Partners, is reportedly considering an initial public offering (IPO) for its solar cell unit, Avaada Electro Pvt. The IPO could raise up to $1 billion, according to sources familiar with the matter [1]. The offering is expected to be led by Axis Bank, HSBC, ICICI Securities, and Bank of America, who will manage the potential share sale.

The IPO would primarily consist of a fresh issuance of shares, with the possibility of including a secondary sale by existing investors. The deal is part of a wave of Indian clean-energy companies seeking to tap equity markets. Bloomberg News has reported that more than a dozen renewable firms have lined up IPOs worth over $4 billion combined, compared to the $2.4 billion in total IPO proceeds from clean energy companies in 2024 [2].

The surge in potential green listings is driven by Prime Minister Narendra Modi's push to more than double India's clean energy capacity to 500 gigawatts by 2030. Avaada Electro, the manufacturing arm of Avaada Group, specializes in high-efficiency solar photovoltaic cells and modules. Avaada raised over $1 billion in 2023 from Brookfield and investors such as Thailand's Global Power Synergy Pcl [3].

Avaada's consideration of an IPO is part of a broader trend in the Indian solar industry, which is experiencing rapid growth due to factors such as rising energy demand, energy independence, cost competitiveness, government initiatives, and climate commitments [3]. The cost of solar panels in India has decreased significantly, making them an attractive investment for homes, businesses, and industries.

Avaada's IPO, if successful, would further bolster its position as a leader in India's solar space. The company is known for its advanced N-Type TOPCon and Mono PERC modules, produced in AI-enabled, fully automated facilities. Avaada's modules are certified under ALMM, BIS, UL, and IEC, ensuring both quality assurance and eligibility for government subsidies [3].

References:

[1] https://financialpost.com/pmn/business-pmn/brookfield-backed-avaada-is-said-to-consider-1-billion-unit-ipo
[2] https://www.bloomberg.com/news/articles/2025-09-05/brookfield-backed-avaada-is-said-to-consider-1-billion-unit-ipo
[3] https://www.bignewsnetwork.com/news/278546090/top-10-solar-panel-manufacturing-companies-in-india