SWELECT Acquires 26.6 MW Solar Project in Karnataka Through SPV Acquisition

SWELECT Energy Systems Limited has approved the acquisition of a 100% equity stake in USolar Assetco Four Private Limited, a special purpose vehicle (SPV) developing a 26.6 MWp DC solar power project in Karnataka under the group captive model.

The company’s Board of Directors approved the acquisition for a consideration not exceeding ₹3.30 crore. Upon completion of the transaction, USolar Assetco Four Private Limited will become a wholly owned subsidiary of SWELECT.

The acquired SPV was incorporated to develop the solar project and currently does not have any operational revenue. The transaction will provide SWELECT with ownership of the project and support its strategy to expand its renewable energy generation portfolio.

The 26.6 MWp solar project is being developed under the group captive framework, enabling commercial and industrial consumers to procure renewable power while benefiting from reduced electricity costs and supporting their sustainability goals.

The acquisition aligns with SWELECT’s broader objective of strengthening its independent power producer (IPP) business and increasing its portfolio of owned renewable energy assets. By expanding its presence in the captive renewable energy segment, the company aims to enhance long-term recurring revenue streams and support India’s growing clean energy transition.

The project is expected to contribute to SWELECT’s renewable energy capacity growth and reinforce its position in the commercial and industrial renewable energy market.