About Emmvee Photovoltaic Power Limited 
Emmvee Photovoltaic Power Limited is an integrated solar photovoltaic (PV) module and solar cell manufacturing company incorporated ... in March 2007. As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, supported by a track record of over 18 years in the solar industry.

Emmvee manufactures bifacial and mono-facial formats of tunnel oxide passivated contact (TOPCon) modules and cells, as well as mono passivated emitter and rear contact (Mono PERC) modules.

The company is in the process of expanding its manufacturing capacity by adding a 2.50 GW solar PV module production line and developing an integrated 6.00 GW solar cell and solar PV module production facility.

Following this expansion, Emmvee’s total solar PV module production capacity is expected to reach 16.30 GW and its solar cell capacity 8.94 GW by the first half of Fiscal 2028.

Emmvee is listed under List I (Manufacturers and Models of Solar PV Modules) and List II (Models and Manufacturers for Solar PV Cells) of the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), Government of India.

This allows the company to supply its modules and cells for government and government-assisted renewable energy projects that require sourcing from ALMM-certified domestic manufacturers.

As of May 2025, Emmvee held a 5.1% market share in terms of ALMM-listed module manufacturing capacity. The company also participates in India’s Domestic Content Requirement (DCR) market, which mandates the use of domestically manufactured solar components in certain government schemes, including the CPSU scheme, PM-KUSUM, PM Surya Ghar Yojana, and rooftop solar programs.

Emmvee’s manufacturing operations are located in Karnataka, India, comprising four units across two sites covering 22.44 acres. Its solar cell manufacturing unit at Dobbaspet, Bengaluru, is among India’s larger TOPCon solar cell facilities by installed capacity.

The company follows sustainable practices, including a zero liquid discharge system that achieved a 96.80% water recovery rate as of June 30, 2025.

In 2022, Emmvee entered into a research and development partnership with the Fraunhofer Institute for Solar Energy Systems ISE to strengthen its expertise in TOPCon technology and implement advanced production techniques.

This collaboration has supported technical and operational development for the company’s 2.94 GW TOPCon cell production line.

Strengths and Opportunities of Emmvee Photovoltaic Power Limited

1. Second largest pure-play integrated solar PV module and cell manufacturer in India.
2. Among the leading solar PV module manufacturers with a consistent track record of quality and reliability.
3. Early adoption of higher-efficiency TOPCon cell technology, enabling technological differentiation.
4. Integrated operations across solar cell and module manufacturing, providing better control over cost and quality.
5. Advanced manufacturing units with sustainable practices, including high water recovery and zero liquid discharge systems.
    

Risks and Threats of Emmvee Photovoltaic Power Limited
 

1. The domestic solar manufacturing industry remains dependent on government policies such as ALMM, safeguard duty, basic customs duty and the PLI scheme, and frequent policy changes create uncertainty for manufacturers.
2. Heavy reliance on imported upstream components like polysilicon, wafers and specialised equipment exposes the industry to global supply chain disruptions and cost fluctuations.
3. Export concentration in the United States, which accounts for over 90 percent of India’s module exports, increases vulnerability to tariff changes and trade policy shifts.
4. Expansion of domestic solar manufacturing capacity in the United States under the Inflation Reduction Act may limit export opportunities for Indian manufacturers.
5. Indian solar module makers have limited access to other major importing countries such as the Netherlands, Germany, Spain and Brazil, reducing diversification of export markets.