Maharashtra-based agri-solar solutions provider GK Energy has entered into a definitive agreement with an undisclosed domestic manufacturer to procure 875 MW of domestic content requirement (DCR) compliant solar cells, comprising 450 MW of Mono PERC and 425 MW TOPCon cells.

GK Energy said the procurement will support its current and future solar projects across multiple states.

According to the agreement, GK Energy is expected to receive the solar cells by March 31, 2027.

Apart from supplying the solar cells, the supplying company must adhere to the delivery timelines and the quality assurance parameters.

GK Energy provides engineering, procurement, and construction services for rooftop solar systems and solar water pumps under government programs, such as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program.

The company stated that it has installed over 42,778 solar-powered agriculture pumps utilizing 4G controllers across Maharashtra, Chhattisgarh, Rajasthan, Haryana, Punjab, and Uttar Pradesh.

GK Energy’s initial public offering (IPO) was oversubscribed 89.62 times at the end of the bidding window on September 23, 2025.

The price band was set at ₹145 (~$1.64) to ₹153 (~$1.73) per equity share with a face value of ₹2 (~$0.022). The IPO saw bids for 1.98 billion shares, exceeding the 22.18 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 186.29 and followed by non-institutional investors at 122.72. The portion allocated to the retail individual investors was oversubscribed by 20.79 times.

GK Energy had filed the draft red herring prospectus to raise over ₹5.01 billion (~$60.02 million) in December 2024. The company stated that it would utilize the funds raised for its long-term working capital requirements of ₹4.22 billion (~$49.66 million) and the remaining amount for its general corporate purposes.

According to the recently released research report by Mercom India, 44.2 GW of solar modules and 7.5 GW of solar cell manufacturing capacity were added in India between January and June 2025. DCR mandates under the PM Surya Ghar Program, Central Public Sector Undertaking Phase-II, and PM-KUSUM have boosted demand for domestic cells and modules. Of the new manufacturing capacity additions, 90% was TOPCon technology.