SWELECT Energy Systems Raises Rs 290 Crore for Solar Power Expansion

In a significant boost to its solar power ventures, SWELECT Energy Systems has successfully raised Rs 290 crore through non-convertible debentures (NCDs). This strategic funding was achieved through a private placement with India Infradebt, leveraging a portion of its Solar Power Generating Assets as collateral.

The infusion of capital is set to unlock Rs 260 crore in cash collaterals, which the company plans to reinvest into scaling up its Independent Power Producer (IPP) portfolio. The ambitious goal is to achieve a capacity of 1 GW by the fiscal year 2026-27, marking a significant leap forward in India's renewable energy sector.

"The NCD funding positions us well to accelerate our expansion plans," stated R Chellappan, MD of SWELECT Energy Systems. This move not only underscores the company's commitment to sustainable energy but also highlights the growing investor confidence in renewable energy projects in India.

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