Solar power systems company SWELECT Group has secured ₹2.9 billion (~$33.39 million) in funding through non-convertible debentures via a private placement with India Infradebt.

This initiative, backed by a portion of its solar power assets, has released ₹2.6 billion (~$29.94 million) in cash collaterals. The funds will be reinvested to expand SWELECT’s independent power producer portfolio to 1 GW by 2026-27.

SWELECT Energy Systems, the solar module manufacturing vertical, also secured orders over 150 MW for its TOPCon bi-facial solar modules.

In December 2024, SWELECT Energy Systems proposed raising ₹1.38 billion (~$16.22 million) by issuing 1,385 non-convertible debentures with a face value of ₹1 million (~$11,757) each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs were to have a tenure of 12.5 years and a 9.5% average interest rate.

The company board has also approved the conversion of ₹400 million (~$4.7 million) in loans into 4 million preference shares at ₹100 (~$1.18) each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.

SWELECT Energy Systems has announced 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 ₹100,000 (~$1,175).

SWELECT Energy Systems was among the winners of Solar Energy Corporation of India’s auction to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. SWELECT was awarded 100 MW capacity at an evaluated bid value of ₹ 22.66 (~$0.272)/Wp.

Global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year (YoY) decline from $34.4 billion, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. There were 157 deals in 2024 compared to 161 deals in 2023.

Global venture capital and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.