Evolve Green Targets 3 GW Renewable Energy Portfolio by 2030

Chennai-based Evolve Green Energies, the flagship company of Evolve Energy Group, plans to build a 3 GW portfolio of owned renewable energy assets by 2030 as it expands into long-term clean power generation and asset ownership.

The company is raising structured debt to finance a pipeline of more than 300 MW of renewable energy projects under development. The broader 3 GW portfolio is expected to be funded through a combination of project debt, strategic equity and a potential future public listing.

The expansion builds on Evolve Energy Group’s capabilities in solar module manufacturing, engineering, procurement and construction (EPC), and operations and maintenance (O&M). By combining these businesses with renewable energy asset ownership, the group aims to exercise greater control over project execution, costs, quality and long-term performance while generating contracted electricity revenues over the expected 25-year life of its assets.

“Every megawatt we commission is a 25-year annuity. We manufacture it, build it, own it and run it. That integration is our moat. Every year builds on the last. Three gigawatts by 2030 is how we turn fifteen years of execution into decades of predictable, compounding value,” said Rajesh V. Shah, Founder, Chairman and Managing Director of Evolve Energy Group.

The company expects approximately 130 MW of renewable energy capacity to become operational during the current financial year, with a portion of the capacity already supplying electricity to industrial customers.

Karan Singh, CEO of the Asset Division at Evolve Energy Group, said that  the company’s focus was on converting its 3 GW roadmap into a portfolio of operational, high-performing renewable energy assets. He said that the integration of manufacturing, EPC and operations capabilities would help the group manage project timelines, maintain quality and improve performance throughout the assets’ lifecycles.

Evolve is raising structured debt for projects with a combined capacity exceeding 300 MW. Its financing relationships include Tata Capital, the Indian Renewable Energy Development Agency (IREDA), Aseem Infrastructure Finance and YES Bank.

“Our financing approach is to align capital with the development and operating lifecycle of each project. As we raise structured debt for the pipeline of more than 300 MW, our priority is to balance growth with financial discipline and build a funding framework that supports the Group’s long-term asset ownership strategy,” said Ravinder Pareek, Group Head of Finance at Evolve Energy Group.

Once fully operational, the planned 3 GW portfolio is expected to generate more than 4 billion units of electricity annually and over 100 billion units across its projected lifetime. According to the company’s estimates, the portfolio could also help avoid approximately 3 million tonnes of carbon emissions annually.

Evolve Energy Group expects to cross INR 700 crore in revenue during the current financial year. The group employs more than 350 people and operates across over 15 states, serving commercial, industrial and residential customers.

Its businesses span solar equipment manufacturing, EPC services, renewable energy asset ownership, O&M and residential solar solutions. Under its EVVO brand, the group manufactures solar modules, inverters, mounting structures and electrical panels. Its EPC division undertakes rooftop and ground-mounted solar projects, while its asset ownership business develops, owns and operates solar power projects as an independent power producer (IPP).

The group’s O&M division provides services to support the long-term performance of solar installations, while residential solar solutions are offered through Evolve Green Homes.

According to the company, CRISIL ranks Evolve Green Energies among the leading solar companies nationally in both the rooftop EPC and rooftop operating expenditure (OPEX) developer categories. Its customer portfolio includes JK Lakshmi, Hitachi Energy, LG, Wheels India, Subros, Caplin Point and Shyam Metallics, among others.

The planned expansion into renewable energy asset ownership is expected to complement the group’s existing operations by linking equipment manufacturing and project execution with the long-term ownership and operation of power generation assets.

Evolve Energy Group will showcase its integrated capabilities at REI Expo 2026 through a pavilion titled “The Whole Chain”. The presentation will cover the group’s operations across manufacturing, project execution, renewable energy asset ownership and lifecycle maintenance, demonstrating how its integrated business model supports its long-term growth strategy.