SWELECT raises Rs 290 crore

CHENNAI: Solar power solutions company SWELECT Energy Systems has secured orders for over 150 MW for solar PV modules. Also, the SWELECT group has raised Rs 290 crore funding through non-convertible debentures (NCDs) through a private placement with India Infradebt.
This strategic move, secured against a portion of its Solar Power Generating Assets, has unlocked Rs 260 crore in cash collaterals—funds that will now be reinvested to scale up its IPP portfolio to 1 GW by 2026-27, the company said in a statement.
R Chellappan, MD, SWELECT Energy Systems, said, "The NCD funding positions us well to accelerate our expansion plans.”