Solar91 Cleantech, a Jaipur-based solar energy solutions provider, has filed for an Initial Public Offering (IPO) with the Bombay Stock Exchange’s SME platform. The company plans to raise approximately ₹100 crore by issuing 54.36 lakh fresh shares at a face value of ₹10 each through a book-building process.
Founded in 2015 by four IIT alumni, Solar91 has rapidly expanded its operations across India. The company offers turnkey Engineering, Procurement, and Construction (EPC) services to commercial and industrial clients. With a footprint in 13 states and nearly 80 MW of solar projects already commissioned, Solar91 is positioning itself as a key player in the renewable energy space. The funds raised through the IPO will be used primarily for the development of independent power producer (IPP) projects and to meet working capital requirements.
Solar91 is actively expanding its project portfolio, having recently emerged as the lowest bidder for IPP projects in Karnataka. It is also in the process of developing solar parks for captive open-access consumers in Rajasthan and Karnataka. Additionally, the company has received institutional debt support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organizations across the Asia-Pacific and African regions. The firm is backed by prominent investors such as Krishna Pant (founder of SGS Tekniks) and Anirudh Arun (co-founder of Blu Smart).
This IPO follows a broader trend of renewable energy companies tapping into public markets to fuel growth. In 2024, ACME Solar also filed for a ₹3,000 crore IPO to support its expansion. These moves highlight the increasing interest from investors in India’s renewable energy sector, as the country aims to achieve 500 GW of non-fossil energy capacity by 2030.
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