Saatvik Solar, India, in talks with international lenders about expansion

Abani Jha, chief financial officer of Saatvik solar in India, said that the company is in discussions with international lenders about funding its expansion plan worth $263 million over the next two-years.

He said that the company, which has a 3.8 gigawatt solar module capacity, will set up 2.8 GW of solar cell manufacturing in two years at a cost of 20 billion rupees.

Jha stated that Saatvik Solar has been in contact with international lenders, including the French development agency Proparco, and the Asian Development Bank. Jha added that Saatvik Solar will also be seeking partnerships with private equity firms.

He said that Saatvik Solar aims to double its solar cell production capacity by the year 2027.

He said that the company would list in the next couple of years.

A growing number of Indian companies with a focus on renewable energy are turning to the public markets in order to raise money for expansion projects, and to benefit from booming markets.

To reduce carbon dioxide emissions, the government has set an ambitious target of adding 500 GW clean energy to the grid by 2030.

ACME Solar, PMEA Solar Tech Solutions and NTPC Green Energy submitted draft documents to the Securities and Exchange Board of India between July and September for their initial public offerings.

Solar Energy Corporation of India, a state-owned company in India, announced last week that it plans to go public within the next two to three years.

India's Nifty 50 index, which is the benchmark for all Indian companies, has hit records 50 times in a single year. Nearly 200 companies have raised billions of dollars, including escooter maker Ola Electric OLAE.NS, and telecom operator Bharti Hexacom.

LSEG data shows that by mid-September, 235 companies raised $8.66 Billion, which is more than twice the amount raised in the same period of last year.

(source: Reuters)