Cosmic PV's Gambit: From Solar Modules to an Integrated Energy Major

SURAT, India – November 25, 2025

In the dynamic landscape of India's renewable energy sector, a significant contract can often signal more than just a successful sale; it can mark a fundamental strategic pivot. Such is the case with Cosmic PV Power Ltd., a solar panel manufacturer that just secured an INR 600 crore (approximately $72 million) order from Zetwerk Manufacturing Businesses. While the nine-figure deal is substantial on its own, its true importance lies in what it represents: the company's formal, high-stakes entry into the utility-scale Independent Power Producer (IPP) market and a clear indicator of its larger ambition to become a vertically integrated clean energy powerhouse.

Until now, the Surat-based manufacturer primarily supplied its modules to mid-sized EPC players and select OEMs. This new order, which involves the supply of nearly 690,000 high-efficiency 550 Wp solar modules, catapults the company into a different league, one defined by massive utility-scale projects and long-term partnerships. The move is a calculated leap from a component supplier to a strategic partner for the nation's largest power developers.

The Catalyst for Utility-Scale Ambitions

The Zetwerk order is not merely a transaction; it's a validation of Cosmic PV's capacity and readiness for the big leagues. Zetwerk is a formidable force in India's industrial and renewable supply chains, acting as a managed marketplace for contract manufacturing and a key supplier for major solar projects. Their decision to partner with Cosmic PV lends significant credibility and opens doors to a network of major IPPs that were previously beyond reach.

Company leadership has already confirmed that this single order has triggered a wave of inquiries from other large-scale power producers. Jenish Ghael, Chairman of Cosmic PV Power, credited the breakthrough to his team's persistent efforts and customer engagement. Shravan Gupta, the company's Managing Director, highlighted the broader implications, stating, "The order showcases Cosmic PV Power's capability to handle large-scale supply commitments and reflects the company's readiness to compete in the utility and IPP segments." With dispatches for the Zetwerk order already underway, the focus is now on flawless execution to cement this newfound reputation.

This strategic shift comes at a time of explosive growth for the company. In just two years, Cosmic PV has scaled its operations from a modest 200 MW module producer to an integrated solar module gigafactory with a current operational capacity of 1.4 GW. The firm is aggressively expanding towards a 3 GW total capacity, with a strong focus on next-generation N-Type TOPCon (Tunnel Oxide Passivated Contact) modules, prized for their higher efficiency and performance—a critical factor in the competitive utility-scale market.

Building an Integrated Clean Energy Giant

The move into the IPP supply chain is just one pillar of a much grander strategy. Cosmic PV is aggressively pursuing vertical integration, a classic business maneuver to control the supply chain, enhance margins, and build a defensible competitive moat. This ambition is taking shape through two transformative projects that extend the company's reach far beyond module assembly.

First is the establishment of a 4 GW solar cell manufacturing line. The company has secured 60 acres of land in Narmadapuram, Madhya Pradesh, an emerging hub for green energy manufacturing, to build this facility. By producing its own solar cells—the core component of a solar panel—Cosmic PV will reduce its dependence on imports, gain greater control over product quality and technology roadmaps, and insulate itself from global supply chain volatility. This move directly aligns with India's national 'Make in India' and 'Atmanirbhar Bharat' (self-reliant India) initiatives, which aim to build a robust domestic renewable manufacturing ecosystem.

Second, and perhaps more forward-looking, is the company's entry into the energy storage market. Through a Memorandum of Understanding (MoU) with Indygreen Technologies, Cosmic PV is set to establish a 2 GW lithium-ion battery production line for Battery Energy Storage Systems (BESS). Slated for completion by March 2026 in Surat, this facility marks a pivotal diversification. As India's grid incorporates more intermittent renewable sources like solar and wind, energy storage becomes non-negotiable for ensuring grid stability and round-the-clock power. By moving into BESS, Cosmic PV is positioning itself not just as an energy generation enabler, but as a key player in the entire energy management value chain, offering end-to-end solar and storage solutions.

Riding the Wave of Policy and Market Tailwinds

Cosmic PV's ambitious expansion is occurring within a highly favorable market and policy environment. A key development is the recent government decision to slash the Goods and Services Tax (GST) on renewable energy equipment from 12% to 5%, effective September 22, 2025. This tax reduction is a powerful stimulant for the entire sector, expected to lower total solar project costs by approximately 5%. For large-scale projects, this translates into savings of billions of rupees, making renewable tariffs more competitive and improving project viability.

Because the purchase order from Zetwerk was received in June 2025, the final transaction value will be adjusted to reflect this lower tax rate, providing a direct financial benefit. This policy not only makes Indian renewables more affordable but also boosts the competitiveness of domestic manufacturers like Cosmic PV against foreign rivals.

Furthermore, the company's market access is solidified by its standing in the Approved List of Models and Manufacturers (ALMM). With 1.3 GW of its capacity already ALMM-certified and the rest in process, Cosmic PV is eligible to supply modules to government-tendered projects, which constitute a significant portion of India's solar deployment pipeline. This certification acts as a crucial seal of quality and bankability for developers and financiers.

By skillfully leveraging these tailwinds, Cosmic PV is transforming a single landmark order into a comprehensive growth strategy. The company's journey from a component maker to a vertically integrated energy solutions provider offers a compelling case study in strategic ambition. It is a calculated response to the immense opportunities presented by India's energy transition, positioning the firm as an emerging, and increasingly essential, player in the nation's quest for energy independence and a net-zero future.