Swelect Energy Systems to Acquire 49% Stake in Apollo Green’s Solar Arm

🚨 RENEWABLE ENERGY DEAL UPDATE ☀️

Solar module manufacturer SWELECT Energy Systems (via its subsidiary SWELECT SolarKraft) has signed an agreement to acquire a 49% equity stake in Gridnex Solar Power, a wholly-owned subsidiary of Apollo Green Energy.

Key Details of the Deal:

* Transaction Value: ₹4.31 Crore (all-cash deal)

* The Project: Gridnex Solar is setting up 80 MW of grid-connected solar power capacity (split into eight 10 MW plants) in Madhya Pradesh.

* Government Scheme: The project is being developed under the PM-KUSUM C (Surya Mitra Krishi Feeders Scheme) for feeder solarisation.

* Power Supply: The green electricity generated will be supplied directly to the Madhya Pradesh Power Management Company Ltd. (MPPMCL).

Strategic Impact:

Apollo Green Energy will continue to hold the majority stake and retain complete operational and management control. For SWELECT, this strategic move expands its growing renewable energy portfolio and scales its presence in the Indian solar EPC space.