Group Surya's Billion-Dollar Investment in India's Renewable Energy Future
Key Ideas
  • Group Surya, led by Kamlesh Kumar Singh, unveils a ₹1000-crore investment plan focusing on a 1.2 GW solar manufacturing facility in Sasaram, Bihar.
  • The project in Sasaram, under an MoU with the Bihar government, aims at job creation, economic growth, and positioning Bihar as a hub for renewable energy manufacturing.
  • With operations in various sectors like solar panels, lithium batteries, and hydrogen technologies, Group Surya experiences significant growth and plans an IPO.
  • The company's expansion includes a $9.8 million investment in a 500 MW solar module factory in Odisha to cater to the increasing demand for solar energy.
Group Surya, based in Bhubaneswar, India, led by Kamlesh Kumar Singh, has announced a monumental ₹1000-crore investment plan to fortify India's renewable energy infrastructure. The primary focus of this initiative is the establishment of a massive 1.2 GW solar module and cell manufacturing facility in Sasaram, Bihar. This project, developed under an MoU with the Bihar government, not only holds promise for job creation but also aims to boost economic growth, earmarking Sasaram as a prospective hub for renewable energy manufacturing. Group Surya's diverse operations include ventures in solar panels, lithium batteries, water solutions, and cutting-edge technologies such as hydrogen and carbon capture. The company has already completed significant projects worth ₹1600 crores in solar and clean water EPC and operates a 70 MW RESCO power plant, with plans to expand to 100 MW by the fiscal year's end. The recent financial reports for FY 2023-24 indicate a turnover of ₹350 crores, with projected increases to ₹500 crores for FY 2024-25 and ₹750 crores for FY 2025-26, showcasing robust growth attributed to strategic investments and a diversified portfolio. Furthermore, Group Surya is venturing into a $9.8 million investment in a 500 MW solar module factory in Odisha to address the surge in solar energy requirements, aiming to bolster its manufacturing capabilities and solidify its stance in the renewable energy sector.
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