Agastya Energy and Infrastructure’s (Agastya Energy) board of directors has approved a preferential issue of equity shares and convertible warrants totaling approximately ₹5.66 billion (~$59.32 million).

The New Delhi-based company, part of the Anubhav Agarwal Group, operates across the renewable energy sector, including solar module and cell manufacturing, independent power production, engineering, procurement, and construction, and operations and maintenance.

The transaction remains subject to shareholder approval and other regulatory and statutory approvals.

Anubhav Agarwal, chairman of Anubhav Agarwal Group, said the capital raise would strengthen the company’s financial position and as it pursues opportunities across India’s energy and infrastructure sectors.

Agastya Energy is expanding its solar manufacturing capabilities across ingots, wafers, cells, and modules. The company said it aims to develop an integrated solar manufacturing platform and increase integration across the solar value chain.

The development comes almost a month after  Agastya Green Energy announced that it will invest approximately ₹78 billion (~$816.48 million) to establish 12 GW each of solar ingot and wafer manufacturing capacity in Andhra Pradesh. The facility will be located at the Orvakal Industrial Area in Kurnool. The expansion into ingot and wafer manufacturing will integrate these upstream operations with the company’s cell and module manufacturing capabilities.

Agastya Green Energy was also one of the winners of Uttar Pradesh Power Corporation’s 375 MW/1,500 MWh standalone battery energy storage auction in May. The tender was floated in September 2025.

According to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report, global solar companies raised $16.9 billion in corporate funding during the first half of 2026, a 56% year-over-year increase from $10.8 billion in the corresponding period of 2025. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026. Solar downstream companies recorded the highest venture capital activity, raising $884 million across 22 deals in 1H 2026.