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Deon Energy Files DRHP with SEBI to Raise Rs150 Crore via Fresh Issue IPO

Deon Energy, an Ahmedabad-based renewable energy solutions company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO) worth ?150 crore.

According to the draft papers, the IPO will consist entirely of a fresh issue of equity shares, with no offer-for-sale (OFS) component. The company aims to utilize ?100 crore from the issue proceeds toward long-term working capital requirements, while the balance will be allocated for general corporate purposes.

Deon Energy’s Renewable Energy Growth Journey

Founded in 2020, Deon Energy Pvt. Ltd. has rapidly emerged as a key player in India’s renewable energy EPC (Engineering, Procurement, and Construction) segment. The company provides end-to-end solar energy solutions, specializing in turnkey EPC projects for commercial and industrial (C&I) clients. It also executes independent solar EPC projects for a wide range of customers across India.

As of March 2025, Deon Energy had successfully completed 78 solar projects, with a total installed capacity of 140.29 MWdc and 118.80 MWac.

For the financial year 2024–25 (FY25), the company reported ?299 crore in revenue from operations and a net profit of ?26 crore, reflecting consistent growth amid India’s rapidly expanding renewable energy market.

Strategic IPO for Future Expansion

Industry experts note that Deon’s IPO move comes at a time when India’s solar EPC sector is witnessing strong demand from industrial, commercial, and residential segments, driven by national targets under the PM Surya Ghar Muft Bijli Yojana and Net Zero 2070 commitments.

The proposed capital infusion is expected to strengthen Deon’s balance sheet, improve liquidity, and support the company’s goal of expanding its EPC footprint across newer states and industry verticals.

With a growing portfolio and strong financials, Deon Energy is well-positioned to tap into India’s booming renewable infrastructure and energy transition market.

Sembcorp to Acquire 100% Stake in ReNew Sun Bright for USD 246 Million

Sembcorp Industries, through its wholly owned subsidiary Sembcorp Green Infra Limited, has signed a share purchase agreement with ReNew to acquire 100% ownership of ReNew Sun Bright, for a total consideration of approximately USD 246 million (about ?2,050 crore).

The acquisition will be financed through a combination of internal cash reserves and external borrowings. The transaction is subject to customary regulatory approvals and other conditions precedent, and is expected to be completed in the first half of 2026.

Strengthening Sembcorp’s Renewable Portfolio in India

Following the completion of this transaction, Sembcorp’s gross renewable energy capacity — including operational and under-development assets — will rise to 6.9 GW in India. Globally, the company’s total renewable energy portfolio will reach 19.3 GW, including projects pending completion.

The acquisition further consolidates Sembcorp’s position as one of India’s leading renewable energy players, reflecting its continued commitment to expanding its clean energy footprint across strategic markets in Asia.

About ReNew Sun Bright and the Asset

ReNew Sun Bright owns and operates a 300 MW solar power project located in Fatehgarh, Rajasthan. The project commenced commercial operations in November 2021 and is connected to India’s Inter-State Transmission System (ISTS).

The project operates under a 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), ensuring stable and long-term revenue visibility.

A Step Toward Expanding Green Energy Investments

Industry analysts view this deal as another milestone in Sembcorp’s strategy to strengthen its renewable energy base in high-growth markets like India, while aligning with global sustainability goals. The acquisition is also expected to contribute to Sembcorp’s long-term target of achieving a fully balanced portfolio between renewables and conventional power by 2030.

This transaction underscores growing global investor confidence in India’s renewable energy sector, particularly in utility-scale solar projects backed by strong PPAs and grid connectivity.