SWELECT Wins Rs 2.9 Billion via Private Placement with India Infradebt

18 Mar 2025 CW Team

SWELECT Group has raised Rs 2.9 billion through non-convertible debentures (NCDs) in a private placement with India Infradebt. The funding, backed by a portion of its solar power assets, has released Rs 2.6 billion in cash collaterals, which will be reinvested to expand its independent power producer (IPP) portfolio to 1 GW by 2026-27. SWELECT Energy Systems, the group's solar module manufacturing arm, has also secured orders exceeding 150 MW for its TOPCon bifacial solar modules. In December 2024, the company proposed raising Rs 1.38 billion by issuing 1,385 NCDs with a face value of Rs 1 million each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs have a 12.5-year tenure with an average interest rate of 9.5%. Additionally, SWELECT's board has approved the conversion of Rs 400 million in loans into 4 million preference shares at Rs 100 each for its subsidiary, SWELECT HHV Solar Photovoltaics. To support its solar expansion, the company plans to establish four wholly owned subsidiaries, SWELECT Sunpower Plus, SWELECT Solarkraft, SWELECT GP, and SWELECT SE. each with an initial paid-up capital of Rs 100,000. Recent Developments SWELECT Energy Systems recently won 100 MW capacity in Solar Energy Corporation of India's (SECI) auction for manufacturing and supplying domestically produced solar modules, with an evaluated bid value of Rs 22.66/Wp. Meanwhile, global corporate funding in the solar sector reached $26.3 billion in 2024, marking a 24% year-over-year decline from $34.4 billion in 2023, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. Global venture capital and private equity funding in the solar sector also fell 36%, reaching $4.5 billion in 60 deals, compared to $7 billion in 70 deals in 2023. (mercom)

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