SWELECT SolarKraft Private Limited, a wholly-owned subsidiary of SWELECT Energy Systems Limited, has entered into an agreement to acquire a 49% equity stake in Gridnex Solar Power Private Limited. The acquisition is valued at an all-cash consideration of ₹4.31 crore. Under the terms of the Share Purchase Agreement, SWELECT SolarKraft will purchase 4,900 equity shares with a face value of ₹10 each. Prior to this transaction, Gridnex Solar Power operated as a wholly-owned subsidiary of Apollo Green Energy Limited.
Project Specifications and Scheme Alignment
The acquisition provides SWELECT with a minority interest in a solar development portfolio totaling 80 MW in capacity. The project is comprised of eight individual units, each with a capacity of 10 MW. Located in Madhya Pradesh, the development is classified under the feeder solarisation component of the Surya Mitra Krishi Feeders Scheme (SMKFY), which operates under the national PM-KUSUM-C programme. This feeder solarisation initiative is designed to provide a reliable daytime power supply to agricultural consumers by integrating renewable energy directly into the distribution network at the feeder level.
Offtake and Power Supply Arrangements
All electricity generated from the 8×10 MW grid-connected solar plants will be supplied to the Madhya Pradesh Power Management Company Limited (MPPMCL). The supply of power to the state utility will be governed by power procurement arrangements established for the decentralized renewable energy projects under the state scheme.
Corporate Governance and Post-Transaction Control
Following the completion of the transaction, Apollo Green Energy Limited will retain majority control of Gridnex Solar Power with a 51% stake. The acquisition agreement stipulates the following regarding the target entity’s ongoing governance:
- No change in the management of Gridnex Solar.
- No change in day-to-day operations.
- No change in the overall control of the target entity.
Target Profile: Gridnex Solar Power Private Limited
Gridnex Solar Power Private Limited is a Haryana-based entity currently in the initial stages of its project pipeline. Key factual data points for the target company include:
- Incorporation Date: March 17, 2026.
- Headquarters: Haryana, India (Registered office in Gurugram).
- Operational Status: The company has not yet commenced commercial operations as of the reporting date.
- Financial Standing: As of March 31, 2026, the company reported nil turnover and nil profit after tax. It has a paid-up equity capital of ₹1 lakh and a current net worth of approximately ₹0.01 crore.
- Business Scope: The entity is authorized to engage in the generation, purchase, sale, and trading of electricity from renewable sources, including solar and wind. Its scope also includes Engineering, Procurement, and Construction (EPC) services for utility-scale plants and rooftop solar installations.
Acquisition Objectives
According to regulatory filings, SWELECT intends to use the acquisition to expand its business footprint within the Indian renewable energy sector. The investment is expected to augment the company’s consolidated turnover on a sustained, long-term basis. The transaction did not require any government or regulatory approvals for completion.
Leave a Comment