SWELECT SolarKraft acquires 49% stake in Gridnex Solar Power
Type: Acquisition · Technology: Solar · Country: India · Capacity: 80 MW · Value: INR 0.52M · Announced: 2026-06-26
SWELECT SolarKraft agreed to acquire a 49% equity stake in Gridnex Solar Power for INR 4.31 crore. The transaction will give SWELECT a foothold in Gridnex’s portfolio of eight solar power plants totaling approximately 80 MW under the PM KUSUM scheme. Gridnex Solar Power remains a subsidiary of Apollo Green Energy, which continues to own the remaining 51% of the developer. The acquisition is intended to strengthen SWELECT Energy Systems Limited’s presence in India’s renewable energy market and expand its solar generation capacity. No regulatory approvals are required for the deal, and the parties have not disclosed any additional financing or advisory arrangements.
Analysis
SWELECT SolarKraft acquired a 49% equity stake in Gridnex Solar Power for INR 4.31 crore, giving it a foothold in Gridnex's portfolio of eight solar power plants totaling approximately 80 MW under the PM KUSUM scheme in India. SWELECT Energy Systems Limited, the parent company of SWELECT SolarKraft, will strengthen its presence in India's renewable energy market through this acquisition. Apollo Green Energy, the parent company of Gridnex Solar Power, will continue to own the remaining 51% of the developer. The acquisition was announced on 2026-06-26 and does not require any regulatory approvals. The parties have not disclosed any additional financing or advisory arrangements for the deal.
Key points
- INR 4.31 crore acquisition value
- 49% equity stake in Gridnex Solar Power
- 80 MW solar power plants under the PM KUSUM scheme
- 2026-06-26 announcement date
- India as the location of the solar power plants
Counterparties
- Gridnex Solar Power (Seller)
- Apollo Green Energy (Parent Company)
- SWELECT SolarKraft (Buyer)
- SWELECT Energy Systems Limited (Parent Company)