Kumar Bahukhandi
Evolve Green Energies, the flagship company of Evolve Energy Group, has announced plans to build a 3 GW portfolio of owned renewable energy assets by 2030, marking a strategic expansion into long-term clean power generation and asset ownership.
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L – R: Rajesh V. Shah, Founder, Chairman and Managing Director, Mr Karan Singh, CEO, Asset Division, Evolve Energy Group, Mr Ravinder Pareek, Group Head of Finance
The roadmap builds on the Group’s capabilities across solar manufacturing, engineering, procurement and construction (EPC), and operations and maintenance (O&M). By integrating these capabilities with asset ownership, Evolve aims to strengthen control over project execution, optimise costs and build a portfolio of contracted electricity revenues over an expected asset life of 25 years.
Commenting on the roadmap, Rajesh V. Shah, Founder, Chairman and Managing Director of Evolve Energy Group, said, “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.”
“With approximately 130 MW of capacity expected to become operational during the current financial year, and a portion already supplying power to industrial customers, our focus is on translating the 3 GW roadmap into a portfolio of well-executed, high-performing renewable energy assets. By bringing together Evolve’s manufacturing, EPC and operations capabilities, we aim to maintain greater control over project timelines, quality and lifecycle performance while delivering reliable clean power to our customers,” said Karan Singh, CEO, Asset Division, Evolve Energy Group.
Structured Debt Funding to Support Project Pipeline
Evolve is raising structured debt for a pipeline of more than 300 MW of projects under development. The broader 3 GW roadmap is expected to be financed through a combination of project debt, strategic equity and a future public listing. The Group’s financing relationships include Tata Capital, 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, Evolve Energy Group.
Once fully operational, the planned portfolio is expected to generate more than 4 billion units of clean 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.
An Integrated Platform for Growth
Founded in 2011, Evolve Energy Group expects to cross Rs. 700 crore in revenue during the current financial year. With more than 350 employees and operations across over 15 states, the Group serves commercial, industrial and residential customers.
Its businesses span five key areas:
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Manufacturing: Solar modules, inverters, mounting structures and electrical panels under the EVVO brand.
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EPC: Delivery of rooftop and ground-mounted solar projects.
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Renewable energy asset ownership: Development, ownership and operation of solar power projects as an independent power producer (IPP).
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Operations and maintenance: Services supporting the long-term performance of solar installations.
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Residential solar: Solutions offered through Evolve Green Homes.
According to CRISIL, Evolve Green Energies ranks among the leading solar companies nationally in both the rooftop EPC and rooftop OPEX developer categories. Its customer portfolio includes JK Lakshmi, Hitachi Energy, LG, Wheels India, Subros, Caplin Point and Shyam Metallics, among others.
Evolve to Showcase “The Whole Chain” at REI Expo 2026
Evolve will showcase its integrated capabilities at REI Expo 2026 through its pavilion, “The Whole Chain”. The showcase will highlight the Group’s capabilities across manufacturing, project execution, asset ownership and lifecycle maintenance, demonstrating how its integrated business model supports its long-term growth strategy.
About Evolve Energy Group
Headquartered in Chennai, Evolve Energy Group is an integrated solar energy platform spanning manufacturing, engineering, procurement and construction (EPC), renewable energy asset ownership, and operations and maintenance (O&M). Founded in 2011, the Group serves commercial, industrial and residential customers across multiple Indian states, with residential solar solutions offered through Evolve Green Homes.
