SWELECT Energy Systems Limited has approved an additional investment of up to ₹20.77 crore in USolar Assetco Four Private Limited for setting up a 26.6 MWp DC solar power plant under the Group Captive Scheme. The company’s Investment Committee approved the transaction at its meeting held on September 24, 2026.
SWELECT currently holds 100% of the equity share capital of USolar Assetco Four. Following the allotment of shares to other identified group captive investors, its shareholding is expected to reduce to 74%, subject to the allotment of shares by the investee company.
Under the proposed investment, SWELECT will subscribe to up to 23,33,331 equity shares at ₹89 per share, comprising a face value of ₹1 and a premium of ₹88. The investment will be made in cash and will not exceed ₹20,76,66,459. The investment is expected to be made in multiple tranches in accordance with the offer letter issued by the investee company.
USolar Assetco Four was incorporated on June 2, 2025, and became a wholly owned subsidiary of SWELECT on July 9, 2026. The company is engaged in solar power generation and the erection and commissioning of solar and other renewable energy projects. It is currently in the process of setting up the 26.6 MWp DC solar power plant under the Group Captive Scheme.
SWELECT has also approved the acquisition of 100% equity share capital of GNU Solar Assetco Two Private Limited, a company based in Karnataka. Following completion of the transaction, GNU Solar Two will become a wholly owned subsidiary of SWELECT Energy Systems and is expected to set up a solar power plant under the Group Captive Scheme.
The acquisition cost for GNU Solar Two will not exceed ₹10 lakh. SWELECT proposes to acquire 10,00,000 equity shares, representing 100% of the target company’s total equity share capital. The transaction will be undertaken through cash consideration.
GNU Solar Assetco Two was incorporated on June 15, 2026, as a subsidiary of U-Solar Clean Energy Solutions Private Limited in Karnataka. The company is yet to commence commercial operations and has reported nil turnover and profit after tax, with a net worth of ₹0.10 crore.
The target company is proposed to develop an 11 MWp DC solar power plant under the Group Captive Scheme. SWELECT said the project is expected to contribute to an increase in the company’s consolidated turnover.
Together, the two transactions involve planned solar generation capacity of up to 37.6 MWp DC under the Group Captive Scheme.
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