Emmvee Energy, a subsidiary of solar module manufacturer Emmvee Photovoltaic Power, has entered into a supply agreement with a domestic buyer for the offtake of 4.5 GWp of Tunnel Oxide Passivated Contact (TOPCon) crystalline silicon solar cells.

The cells must be supplied between December 2025 and December 2030.

Emmvee has a solar module manufacturing capacity of 7.8 GW and a solar cell capacity of 2.94 GW. The company plans to add a 2.5 GW module line and a 6 GW integrated solar cell and module facility.

By the first half of the financial year (FY) 2028, Emmvee aims to reach a total manufacturing capacity of 16.3 GW for modules and 8.94 GW for cells.

In November 2025, its ₹30 billion (~$350.12 million) initial public offering (IPO) was subscribed 0.97 times at the end of the bidding window on November 13, 2025. The IPO saw bids for 75 million shares out of the 77 million shares on offer.

In June 2025, the company bagged a ₹15 billion (~$174.31 million) order from KPI Green Energy to supply TOPCon bifacial solar modules for an upcoming project in Gujarat. The modules would be produced at Emmvee’s facilities in Dabaspet and Sulibele in Karnataka, with deliveries expected to be completed within the current financial year.

Backed by the Approved List of Models and Manufacturers List-II and II, the India solar industry has been ramping up solar module and cell manufacturing capacities.

According to the Mercom India research report, “State of Solar PV Manufacturing in India 1H 2025”, India added 44.2 GW of solar module capacity and 7.5 GW of solar cell capacity in the first half of 2025. The country has 182 GW of solar module capacity and 86 GW of cell capacity under construction, expected to be commissioned by 2027.

Tunnel oxide passivated contact modules led manufacturing capacity additions in 1H 2025, accounting for over 90%, followed by monocrystalline modules, which accounted for almost 7%.