SWELECT Energy Systems bags 150-MW solar module orders, raises Rs 290 cr via NCDs

New Delhi, Mar 12 (PTI) Solar energy solutions provider SWELECT Energy Systems on Wednesday announced that it has secured an order for over 150 MW of solar modules, and also raised Rs 290 crore through non-convertible debentures to fund its expansion.

The company has secured orders of over 150 MW for its high-efficiency TOPCon Bi-facial solar PV modules. These orders underscore SWELECT's technological leadership and the trust it commands in the solar energy market, SWELECT Energy said in a statement.

It stated that SWELECT Group has raised Rs 290 crore from India Infradebt Limited through Non-Convertible Debentures (NCDs) issued on a private placement basis.

This strategic move, secured against a portion of its solar power generating assets, has unlocked Rs 260 crore in cash collaterals -- funds that will now be reinvested to scale up SWELECT's IPP portfolio to 1 GW by 2026-27.

R Chellappan, Managing Director, SWELECT Energy Systems, said, "Securing over 150 MW of TOPCon module orders from industry is an endorsement of our commitment to quality and innovation. Our 100 per cent testing success further strengthens our resolve to deliver highest quality solar solutions. The successful NCD funding positions us well to accelerate our expansion plans and contribute meaningfully to India's clean energy future." Established in 1984, SWELECT Energy Systems specialises in the manufacturing of solar photovoltaic (PV) modules, power conditioning units, and offers comprehensive engineering, procurement, and construction (EPC) services. PTI KKS HVA