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SWELECT SolarKraft to Buy 49 Percentage Stake in Gridnex Solar, Strengthening Presence in PM-KUSUM Solar Projects

Chennai: SWELECT Energy Systems Ltd. has announced that its wholly owned subsidiary, SWELECT SolarKraft Pvt. Ltd., will acquire a 49 percent equity stake in Gridnex Solar Power Pvt. Ltd. for INR 4.31 crore, marking another step in the company's strategy to expand its renewable energy portfolio and strengthen its presence in India's fast-growing solar sector.

The investment will give SWELECT SolarKraft a significant stake in Gridnex Solar, a special purpose company established to develop 80 MW of grid-connected solar photovoltaic (PV) capacity under the PM-KUSUM Component C programme in Madhya Pradesh. The project consists of eight solar power plants of 10 MW each, with the generated electricity to be supplied to Madhya Pradesh Power Management Company Ltd. (MPPMCL) under long-term power purchase arrangements.

As part of the transaction, SWELECT SolarKraft will purchase 4,900 equity shares, representing 49 percent of Gridnex Solar's paid-up equity capital. The acquisition will be completed in accordance with the Share Purchase Agreement, Shareholders Agreement and other related transaction documents.

According to SWELECT, the investment aligns with its long-term business strategy of expanding its clean energy footprint, diversifying its renewable asset portfolio, and creating sustainable revenue streams. The company believes participation in utility-scale solar projects under government-backed schemes will support future growth while contributing to India's clean energy transition.

Gridnex Solar was incorporated in March 2026 and is currently in the project development stage. As of March 31, 2026, the company had a paid-up equity capital of INR 1 lakh and had not yet commenced commercial operations, reporting no revenue or profit during the financial year.

SWELECT clarified that the transaction does not qualify as a related-party transaction at the time of signing, although Gridnex Solar will become an associate entity following completion of the investment. The acquisition will not alter the company's management or operational control, with Apollo Green Energy Ltd. continuing as the majority shareholder and retaining overall control of the business.

Gridnex Solar's business activities include the development, construction, ownership, operation and maintenance of renewable energy projects, along with electricity generation, supply and trading from solar and wind energy sources. The company also undertakes engineering, procurement and construction (EPC) services for renewable energy infrastructure.

The investment also highlights the growing opportunities under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme, which aims to increase solar power adoption in the agricultural sector by solarising rural electricity feeders and reducing dependence on conventional energy sources. Component C of the scheme enables the solarisation of existing agricultural feeders, helping improve power reliability for farmers while lowering distribution losses and supporting India's renewable energy targets.

With demand for utility-scale solar projects continuing to grow and government initiatives driving investment in clean energy infrastructure, the acquisition is expected to strengthen SWELECT's position in the expanding Indian renewable energy market while providing exposure to long-term solar power generation assets.