Waste management agency GEM Enviro Management’s board of directors has approved the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087).

The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions.

GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition. Solluz Energy will become a subsidiary of GEM Enviro Management, strengthening the company’s presence in the solar engineering, procurement, and construction (EPC) space.

In its bourse filing, the company clarified that the deal does not constitute a related-party transaction.

Solluz Energy is engaged in solar EPC services and rooftop solar system installation, which the company claims align closely with GEM Enviro’s sustainability-focused growth strategy. The acquisition provides GEM Enviro access to operational capabilities and an expanding project base in the solar sector.

In the financial year (FY) 2025, Solluz Energy reported revenue from operations of about ₹349.1 million (~$3.84 million), nearly doubling from ₹171.8 million (~$1.89 million) in FY 2024, and up from ₹104.4 million (~$1.14 million) in FY 2023. This consistent rise in turnover highlights Solluz Energy’s increasing scale and execution capacity in the solar market.

Solluz has recently installed a 430 kW rooftop solar power system at Sparsh Global School’s campus in Greater Noida, Uttar Pradesh. The project is expected to generate nearly 600,000 kWh of clean electricity every year.

Total corporate funding, including venture capital, public markets, and debt financing, for the solar sector globally stood at $17.3 billion in the first nine months (9M) of 2025, 22% lower than the $22.3 billion raised in 9M 2024. These figures were revealed in Mercom Capital Group’s newly released 9M and Q3 2025 Solar Funding and M&A Report.