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)

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?