SWELECT Energy to raise Rs 1.38 billion via debenture sales – EQ
In Short : SWELECT Energy Systems plans to raise ₹1.38 billion through debenture sales to fund its renewable energy projects and expand operations. The move aims to strengthen the company’s financial base for developing sustainable energy solutions, aligning with India’s growing focus on clean energy and reducing carbon emissions.
In Detail : SWELECT Energy Systems has proposed raising Rs 1.38 billion through the issuance of 1,385 non-convertible debentures (NCDs) with a face value of Rs 1 million each via private placement.
These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will carry a tenure of 12.5 years with an average interest rate of 9.5 per cent. The funds will be used to strengthen the company’s financial position.
The company’s board has also approved converting Rs 400 million in loans into 4 million preference shares at Rs 100 each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics. Additionally, the company plans to incorporate four wholly owned subsidiaries—SWELECT Sunpower Plus, SWELECT Solarkraft, SWELECT GP, and SWELECT SE—to develop solar power projects.
Each subsidiary will be established with an initial paid-up capital of Rs 100,000.
In October 2024, SWELECT HHV Solar, with an enlisted capacity of 627 MW, was added to the provisional Approved List of Models and Manufacturers with an applied capacity of 700 MW.
