SWELECT Energy Secures 150 MW Module Order, Rises ₹290cr

Solar energy company SWELECT Energy Systems Ltd today announced securing orders of over 150 MW for its TOPCon Bi-facial solar PV modules.  Additionally, SWELECT Group has successfully raised ₹290 crore funding through Non-Convertible Debentures (NCDs) via a private placement with India Infradebt Limited, the company said.

This move, secured against a portion of its Solar Power Generating Assets, has unlocked ₹260 crore in cash collaterals—funds that will now be reinvested to scale up SWELECT’s IPP portfolio to 1 GW by 2026-27.

Securing the new order 

“SWELECT’s commitment to excellence is reflected in its 100% success rate in module testing, with every unit passing rigorous evaluations by TÜV and other accredited testing laboratories on the first attempt. To further validate long-term performance and durability, the modules, which are backed by third-party re-insurance, are undergoing Extended Reliability Testing (ERT),” the solar module manufacturer said in a statement.

Speaking on the latest development, R. Chellappan, Managing Director, SWELECT Energy Systems Ltd., said, “Securing over 150 MW of TOPCon module orders from industry is an endorsement of our commitment to quality and innovation. Our 100% testing success further strengthens our resolve to deliver the 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.”

Foraying into solar cell biz 

The company recently told Saur Energy about its further plans of expansion by foraying into a new business of production of solar cells. It has now planned to start solar cell production with a capacity of 500 MW. It also has planned to scale up its solar module production capacity. The company currently boasts a total solar module manufacturing capacity of 1 GW. On the other hand, it has also planned to add 1 GW of more solar module manufacturing capacity soon. The company not only is present in the solar manufacturing business but it has also tried it hand with Balance of Systems and developing some solar projects.

The firm now produces modules, power conditioning units, and offers comprehensive engineering, procurement, and construction (EPC) services. In the financial year ending March 31, 2023, SWELECT reported revenues of ₹3,903.32 million,