Aiming for 1GW solar assets by 2026-27, Chennai’s SWELECT secures 150MW solar orders and raises ₹2.9 billion for expansion, boosting India’s clean energy future.
SWELECT Energy Systems Ltd has secured over 150MW in orders for its high-efficiency TOPCon bi-facial solar PV modules. The company has also raised ₹2.9 billion through Non-Convertible Debentures (NCDs) via a private placement with India Infradebt Limited.
The funding is secured against a portion of the company’s Solar Power Generating Assets and has unlocked ₹2.6 billion in cash collaterals.
According to the company, these funds will be reinvested to grow its independent power producer (IPP) portfolio, with plans to reach 1GW of solar power assets by 2026-27.
In a press release, SWELECT regarded these achievements as a milestone in solar technology and the trust it has built in the market. It also stated its 100 per cent success rate in module testing, where all units pass stringent evaluations by TÜV and other accredited labs on the first attempt.
Furthermore, to ensure the modules’ long-term durability and performance, they undergo extended reliability testing (ERT), with third-party re-insurance backing their reliability.
“The successful NCD funding positions us well to accelerate our expansion plans and contribute meaningfully to India’s clean energy future,” commented Mr R. Chellappan, Managing Director of SWELECT Energy Systems Ltd.
Based in Chennai since 1984, SWELECT specialises in the manufacturing of solar PV modules and power conditioning units and offers comprehensive engineering, procurement, and construction (EPC) services.
