+
SWELECT Wins Rs 2.9 Billion via Private Placement with India Infradebt
POWER & RENEWABLE ENERGY

SWELECT Wins Rs 2.9 Billion via Private Placement with India Infradebt

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)

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)

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code