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Emmvee Signs 5-Year Supply Agreement for 4.5 GWp TOPCon Solar Cells

Emmvee Energy, a subsidiary of Emmvee Photovoltaic Power has secured a five-year supply deal to deliver 4.5 GWp of TOPCon solar cells to a domestic buyer.

December 09, 2025. By Mrinmoy Dey

Solar module and cell manufacturer Emmvee Photovoltaic Power has announced that its subsidiary Emmvee Energy has entered into a supply agreement with a domestic buyer to supply TOPCon crystalline silicon photovoltaic cells with a contracted offtake of 4.5 GWp.

The supply agreement spans a period of five years. The cells must be supplied between December 2025 and December 2030, the company stated in a regulatory filing.

In a separate filing, the company has stated that Emmvee Energy has made a payment of INR 211.58 crore to Karnataka Industrial Areas Development Board (KIADB) towards land allotment for the proposed 6 GW integrated solar module and cell facility at Devanahalli, Bengaluru. “With this, the subsidiary has made the entire payments towards the said land allotment,” it said.

Emmvee has a module manufacturing capacity of 7.80 GW and a cell capacity of 2.94 GW, with additional facilities in the pipeline. A 2.50 GW module line is expected to come online by FY26, and a 6 GW integrated solar cell and module plant is slated to begin operations in the first half of FY28.

Last month, Emmvee completed its Initial Public Offering (IPO), raising a total of INR 2,900 crore, including fresh issuance of INR 2,143.9 crore. A large part of the IPO proceeds has been used to repay about INR 1,621 crore of long-term debt, strengthening the balance sheet and lowering interest costs. The rest will go toward general corporate purposes, which will optimise working capital needs, thus further reducing finance costs, the company stated.

In H1 FY26, the company’s revenue from operations increased to INR 2,158.8 crore – recording a 193.5 percent jump from H1 FY25’s INR 735.6 crore. Its PAT increased by 578.6 percent to INR 425.5 crore in H1 FY26 from INR 62.7 crore reported in H1 FY25.

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