SWELECT Energy Systems Limited has approved an investment of up to ₹20.77 crore in its wholly owned subsidiary, USolar Assetco Four Private Limited. The investment will support the development of a 26.6 MWp DC solar power plant under the group captive model.
At the same time, the company has approved the acquisition of 100 per cent equity in GNU Solar Assetco Two Private Limited. The acquired company is planned to develop another 11 MWp solar power plant under a group captive scheme.
Together, the two developments represent a 37.6 MWp solar project pipeline for SWELECT.
₹20.77 Crore Investment for 26.6 MWp Project
The Investment Committee of SWELECT’s Board approved the additional investment in USolar Assetco Four at its meeting on September 24, 2026.
The company will invest up to ₹20,76,66,459 in the equity share capital of the subsidiary. The funds will support the establishment of the 26.6 MWp DC solar plant under the group captive model.
Moreover, the project will involve other identified group captive investors. Once these investors receive shares, SWELECT’s holding in USolar Assetco Four will fall from 100 per cent to 74 per cent.
As a result, the company will continue to hold a majority stake, while the project structure will include participating captive consumers.
Additional 11 MWp Solar Project
Meanwhile, SWELECT has approved the acquisition of GNU Solar Assetco Two Private Limited.
The company will acquire 100 per cent of the equity shares of GNU Solar Two for a consideration of up to ₹10 lakh. Following the transaction, GNU Solar Two will become a wholly owned subsidiary of SWELECT.
Furthermore, the subsidiary is expected to establish an 11 MWp DC solar power plant under the group captive model.
Combined Solar Pipeline Reaches 37.6 MWp
The two transactions will add up to 37.6 MWp of planned solar capacity.
The 26.6 MWp USolar project accounts for the larger share. In addition, the proposed GNU Solar Two project will contribute another 11 MWp.
Therefore, the latest approvals expand SWELECT’s solar development pipeline while strengthening its focus on group captive projects.
Focus on Group Captive Solar Projects
SWELECT has been expanding its renewable energy business through group captive and open-access models.
Under the group captive structure, participating consumers invest in the project and use the electricity generated by the plant. The model can help commercial and industrial consumers access renewable power while providing developers with identified users for the generated electricity.
According to SWELECT, its group captive solar model allows partners to invest in a special purpose vehicle and consume a significant share of the electricity generated.
SWELECT Expands Renewable Energy Portfolio
The latest approvals come as SWELECT continues to expand its renewable energy portfolio.
The company operates across several areas, including solar power generation, solar module manufacturing and related energy solutions. Its solar module manufacturing capacity has also expanded to around 2.2 GW, according to a recent company profile.
In addition, SWELECT has continued to develop and acquire solar assets through its subsidiaries.
For instance, one of its subsidiaries commissioned a 10 MW solar power plant in Tamil Nadu in August 2026.
New Projects Strengthen C&I Solar Focus
The latest projects also reflect SWELECT’s focus on the commercial and industrial renewable energy market.
Group captive projects allow companies to participate directly in renewable power generation. Therefore, such projects can create long-term arrangements between solar developers and electricity consumers.
At the same time, SWELECT’s investment in project subsidiaries provides a structure for developing and operating these assets.
Solar Capacity Expansion to Continue
The approval of the 26.6 MWp project and the proposed 11 MWp project marks another step in SWELECT’s renewable energy expansion.
The company will now move ahead with the planned development and investment processes for the projects. Meanwhile, the participation of group captive consumers will shape the ownership structure of the USolar project.
With the combined projects representing 37.6 MWp of planned solar capacity, SWELECT is adding further scale to its renewable energy pipeline while continuing to expand its group captive business.