Apollo Green Energy targets Rs 100 billion in renewables

08 Nov 2024 CW Team

Apollo Green Energy Limited (AGEL), a subsidiary of Apollo International Group, is set to grow its renewable energy portfolio to Rs 100 billion by 2025, with plans for an initial public offering (IPO) to fuel this expansion. AGEL currently holds an order book of Rs 35 billion and manages Rs 25 billion in solar projects across several states.

Operating in eight states, AGEL’s portfolio includes 400 MW of solar power installations and a Rs 7 billion Flue Gas Desulfurization (FGD) project aimed at reducing emissions in power generation. These projects support India’s ambitious target of reaching 500 GW of renewable energy capacity by 2030.

AGEL’s revenue surged from Rs 3.24 billion in FY22 to Rs 11.74 billion in FY24, largely due to its focus on solar, green hydrogen, and hybrid energy solutions. CEO Sanjay Gupta remarked, “With a skilled team of over 200 and a robust order book, our goal is to meet India’s energy demands sustainably. The 2025 IPO will be a key step to scale operations and invest in advanced renewable technologies.”

Among its major projects, AGEL is working on a 40 MW solar installation in Odisha, a 50 MW floating solar plant in Kerala, and a 200 MW solar tracker project in Gujarat. It’s also deploying 150,000 smart solar street lights in Bihar and exploring future ventures in wind, green hydrogen, and battery storage.

In line with its growth plans, AGEL is forming alliances with tech providers and considering in-house solar module production to reduce costs, reinforcing its role in India’s renewable energy landscape. (ET)

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