India-based Emmvee Photovoltaic Power, a solar panel manufacturer, has announced an INR 55 billion (~$625 million) investment to expand manufacturing. The company planning to raise its solar module capacity from 7.8 GW to 16.3 GW by mid-2028. It is also expanding cell production from 2.94 GW to 8.94 GW. The expansion is supported by 60% debt and 40% equity, including and INR 33 billion loan from IREDA. An INR 29 billion IPO opens on November 11 to repay INR 16.21 billion in debt. CEO Suhas Donthi said the market remains fragmented, and actual manufacturing capacity is often overstated. He added that Emmvee’s strength lies in quality and reliability. The company’s growth strategy aligns with India’s goal of achieving 500 GW non-fossil energy capacity by 2030.