Saatvik Green Energy has signed an MoU with Odisha to add 3.6 GW of solar cell capacity at its Gopalpur facility.

The company’s manufacturing arm, Saatvik Solar Industries, signed the agreement with IPICOL, the state’s industrial promotion body, on August 17.

The new line, called Phase II, will come up right beside the company’s current plant rather than on a separate piece of land.

Phase I at Gopalpur is further along. It already covers 2.4 GW of cell capacity and 4 GW of module capacity, and construction there is finished.

Crews are now installing and testing equipment. The site’s 220 kV substation is ready to be switched on, and the cell line should start ramping up by the end of August.

September brings an inspection under the government’s ALMM-II programme, which will determine whether Gopalpur’s cells are eligible for the bigger domestic solar tenders.

Phase II is expected to hit commercial production by FY28. Neither Saatvik nor the state government has put a number on what this expansion will cost.

CEO Prashant Mathur described the move as a way to build on Phase I’s progress and deepen the company’s footprint across the solar chain, from cells right through to finished modules.

The timing is worth noting. For the quarter ended June 30, 2026, Saatvik’s revenue fell 44.2% year on year to Rs 511.01 crore, and profit after tax dropped to Rs 5.36 crore from Rs 116.60 crore a year earlier.

The company puts this down to capital spending on the Gopalpur project rather than any slowdown in orders.

Its debt to equity ratio did improve, moving to 0.99 times from 1.28 times over the same period, and FY26 as a whole had been a strong year, with revenue up 111% and profit up 64%.

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