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SWELECT Secures Rs290 Crore via Private Placement with India Infradebt

SWELECT Group, a leading solar power systems company, has raised Rs2.90 crore through non-convertible debentures (NCDs) in a private placement with India Infradebt. The move is part of the company’s strategy to expand its independent power producer (IPP) portfolio to 1 GW by 2026-27.

The funding, backed by a portion of SWELECT’s solar power assets, has unlocked Rs260 crore in cash collaterals, which will be reinvested into its growth plans.

Expansion and Financial Developments

SWELECT Energy Systems, the company’s solar module manufacturing arm, has also secured over 150 MW in orders for its TOPCon bi-facial solar modules, reflecting strong market demand.

In December 2024, SWELECT had proposed raising Rs138 crore by issuing 1,385 non-convertible debentures with a face value of Rs10 lakh each via private placement. These secured, unlisted, rated, redeemable, and taxable NCDs had a 12.5-year tenure with an average interest rate of 9.5%.

Additionally, the company's board has approved the conversion of Rs40 crore in loans into 40 lakh preference shares at a face value of Rs100 each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.

New Subsidiaries for Solar Expansion

To drive further growth, SWELECT Energy Systems has announced the formation of four wholly owned subsidiaries—SWELECT Sunpower Plus, SWELECT Solarkraft, SWELECT GP, and SWELECT SE. These entities will focus on developing solar power projects, each beginning with an initial paid-up capital of Rs100,000.

Government Contracts and Industry Outlook

SWELECT was among the winners of the Solar Energy Corporation of India’s (SECI) auction, securing a 100 MW capacity at a bid price of Rs22.66/Wp for the manufacture, testing, and supply of domestically produced solar modules.

With this latest round of funding, SWELECT is set to strengthen its position in India’s growing renewable energy sector, aligning with the country’s ambitious solar energy targets.