Section 1 – Overview

Founded in 2008, Insolare is one of the oldest technologies driven solar EPC company that has evolved into a comprehensive clean energy platform, producing products like solar, wind hybrid, floating solar, canal-top solar, BESS, TOPcon module and also expanded in green hydrogen and green ammonia. 

There might be confusion regarding the corporate structure of two entities – Insolare Energy Private Limited and Insolare Energy Limited. As a matter of fact, both are same, the company started as private limited but the as company grew and raised pre-IPO funding, it transitioned to public limited, pre-IPO, unlisted company. 

As a result, investor interest in Insolare Energy Limited Share and Insolare Energy Unlisted Share has increased alongside the company's expansion across solar EPC, module manufacturing, green hydrogen, and energy storage segments. 

The company is operating at 1+ GW EPC portfolio and aims to touch 5GW base by 2030. The company’s top line grew from INR 163 Cr in FY24 to INR 438 Cr in FY25. 

The company is founded by two veteran PhD holders -Dr Sunit Tyagi and Dr Hemanshu Bhatt, writing the India’s clean energy transition story. 

Section 2 – What company does? – Operational Model

Operational model of Insolare Energy is one of the most complex due to large array of products and services offered by the company. The operates 6 different business segments:

Segment – 1 Solar EPC

Insolare delivers EPC solutions for solar projects. EPC stands for Engineering, Procurement, and Construction. The model is used for large infra, solar or industrial projects where a single contractor assumes the responsibility to design, construct and deliver ready to use project. 

This is the core business of Insolare, carrying the legacy of 17 years, Insolare undertakes following types of projects:

• Ground-Mount and Utility -Scale

• Rooftop Solar 

• Solar Carports

• Floating Solar 

• Hybrid Systems and Microgrids

Insolare primarily offers its services to commercial and Industrial conglomerate and government clients. Some of the prominent customers include – Infosys, JSW, Shree Cement, Birla Cement, Institutional developers, independent power producers and others. 

Segment – 2 Operations and Maintenance (O&M)

Insolare is very particular about their operations and maintenance services – they don’t just send the teams to clean and check wires – they follow data heavy and tech driven approach to ensure maximum uptime. O&M services include:

• Digital Monitoring & AI Analytics

Insolare has setup hubs to continuously monitor and track real time data using SCADA systems, PAN India. The company also uses built-in proprietary AI models that uses historical data to forecast future demand, analyze system health and minimize downtime.

• Advanced Inspections

Insolare uses drone thermography technology to detect faults, cracks, hot spots that are invisible to naked eyes. It reduces human risk. The company also installs smart devices that can capture the fault instantly and report directly to engineering teams. 

• Core Field Maintenance

The company make sure to take preventive measures, structured as per site environment to minimize wear and tear and prevent unexpected failures. Insolare also offers fast-response technical support to rapidly repair and replace the faulty component. 

The company maintains full transparency in its reporting and commits to best performance.

Segment – 3 Solar PV Module Manufacturing

Insolare has the PV module manufacturing facility in Ahmedabad, Gujrat in 2024 in response to backward integration strategy designed to make the company end-to-end green energy solution provider. Insolare makes high-efficiency N-type TOPCon PV modules that are used in solar panel manufacturing. 

Since the facility was setup as a backward integration strategy, it focuses heavily on captive consumption, but retain flexibility to supply to trusted business partners. 

The company is closely aligned with MNRE guidelines and included in Approved List of Models and Manufacturers (ALMM).

Segment – 4 Hybrid Wind Energy

Insolare does not have standalone wind energy business segment, it complements and maximizes the solar energy generation by installing wind energy plants. The company operates at a utility-scale and large-scale multi-megawatt commercial and industrial level. 

In July 2016, Insolare commissioned its first solar hybrid wind energy project at Atria Wind Park in Andhra Pradesh. The company partnered with GE for custom made equipment.

Segment – 5 Green Hydrogen

Insolare has aggressively pivoted from sole EPC provider to green hydrogen and derivative producer. Their strategy rests on the following pillars:

• Technology Partnership

Rather than depending on technology imports from other countries, Insolare has partnered with Versogen – a U.S based company, to access their patented PiperION – Anion Exchange Membrane tech and plans to manufacture its own electrolysers in India.

Using this technology, the company plans establish 250-300 MW AEM electrolysers production unit in India. 

Projects requiring Proton Exchange Membrane setup, the company has partnered with global players like Ohmium. 

Commercial Projects of Insolare is heavily backed by Indian Government National Green Hydrogen Mission. The company has won bids under SECI (Solar Energy Corporation of India) SIGHT (Strategic Interventions for Green Hydrogen Transition) program. The current capacity touches 19000 metric tonnes per annum. 

The company recognized that transporting Green-hydrogen is extremely complex and expensive. Therefore, they prioritize converting it into Green Ammonia – that can be easily liquified and transported in cost effective manner.

Segment – 6 Battery Energy Storage Systems (BESS)

In late 2025, Insolare won 600 MW/ 1200 MWh project from SECI in Andhra Pradesh – this enabled the company to enter in BESS sector.

The system is developed to facilitate Round-the-Clock power by storing excess power generated during the peak daytime and releasing at the times of need. Power grid is installed with stabilizers that control voltage and ensures safety. In addition, proprietary machine learning software are utilized to optimize operations, forecast future demand and manage battery degradation. 

Section – 3 Competitive Landscape 

InSolare has 6 business lines and it competes with different competitor in each business segment. 

Solar EPC Competitors

• Sterling and Wilson Solar

• TATA Projects 

• Rays Power Experts

Green Hydrogen Competitors

• ACME Clean Tech

• Jakson Green 

• NTPC Green Energy Limited

Section – Funding rounds and Recent Updates 

The company's transition to a public limited structure and previous pre-IPO fundraising activities have led market participants to closely monitor any future developments related to an Insolare Energy IPO. 

Section – Key People 

The Promoters (Founders)

Insolare was founded way back in 2008 by two PhD holders:

• Dr. Sunit Tyagi

• Dr. Hemanshu Bhatt

Senior Leadership

Following managerial persons are the driving force behind Insolare energy:

• Navashil Sharma — Executive Director & CEO

Military Officers — The "Uniform Advantage": 

• Col. Gopal Samanta — Director, HR & GRC (Solar Acumen of the Year, SolarQuarter Karnataka 2022)

• Col. Pravir Mishra — COO (Technology & Business Innovation Award, Net-Zero Energy Leadership 2023)

• Col. Pankaj Sharma — VP O&M (BSc, MSc Defence Studies, PGD Geo Intelligence, PGD Cyber Security)

• Col. Pradeep Kumar T — VP Projects

• Lt. Col. Manoj Thalore — VP Projects