SWELECT Secures 150 MW Solar Orders, Raises ₹290 Crore for Expansion

13 Mar 2025 , 10:56 PM

SWELECT Energy Systems Ltd. Supplier of TOPCon Bi-facial solar PV modules has received more than 150 MW of order for its bi-facial solar PV modules, indicating high demand for its technology. All of the company’s modules have passed tests conducted by TÜV and other certified laboratories with a 100% success rate, assuring their quality and reliability.

COVID-19 modelling of SWELECT’s long-term performance and stability of its solar modules backed by 3rd party re-insurance undergoing Extended Reliability Testing (ERT). To fortify its financial position, the company successfully raised ₹290 crore through Private Placement of Non-Convertible Debentures (NCDs) with India Infradebt Limited.

This NCD funding is backed by security of SWELECT’s solar power assets and will enable a release of ₹260 crore in cash collaterals, which will be reinvested into the business for further expansion. These funds shall be deployed to ramp up SWELECT’s Independent Power Producer (IPP) portfolio to 1 GW by fy 2026-27, in accordance with its long-term growth sqgenda.

R. Chellappan, Managing Director, SWELECT Energy Systems said, ‘The opportunity to book module orders of over 150 MW not only serves as a testimony to our ability to innovate & deliver quality products, but also validates our commitment to the Solar industry.’ He also noted that the grant by NCD supported the funding required by SWELECT to accelerate the expansion plans towards contributing to the clean energy transition of India.