SWELECT Energy Systems Limited has secured orders of around 150 MW for its high-efficiency TOPCon bifacial solar photovoltaic modules. The company has also raised Rs 2.9 billion through non-convertible debentures (NCDs) via a private placement with India Infradebt Limited.
This funding, backed by a portion of its solar power assets, has unlocked Rs 2.6 billion in cash collaterals. It will be reinvested to expand its independent power producer portfolio to 1,000 MW by 2026-27. Furthermore, the fundraising through NCDs is also expected to accelerate its expansion efforts.
In December 2024, SWELECT Energy Systems Limited proposed raising Rs 1.38 billion through 1,385 secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs of Rs 1 million each via private placement, with a 12.5-year tenure and an average interest rate of 9.5 per cent, to strengthen its financial position.
