SWELECT Energy Systems Limited has approved two major corporate actions to expand its solar power generation portfolio under the Group Captive Scheme. The decisions were taken by the company’s Investment Committee on September 24, 2026, and are aimed at strengthening its renewable energy operations and increasing its consolidated turnover over the long term.
Under the first transaction, SWELECT will make an additional investment of up to Rs 20,76,66,459 in the equity share capital of USolar Assetco Four Private Limited. The company was incorporated on June 2, 2025, and became a wholly owned subsidiary of SWELECT on July 9, 2026.
USolar Four is currently developing a solar power plant with an initial capacity of up to 26.6 MWp DC. SWELECT will subscribe to a maximum of 23,33,331 equity shares, each having a face value of Re 1, at an issue price of Rs 89 per share. The price includes a premium of Rs 88 per share.
Following the allotment of shares to SWELECT and other identified group captive investors, SWELECT’s shareholding in USolar Four will reduce from 100% to 74%. The company will consequently continue to remain a subsidiary of SWELECT, while ceasing to be a wholly owned subsidiary. The transaction will be undertaken on an arm’s length basis.
In the second transaction, SWELECT has approved the acquisition of 100% equity in GNU Solar Assetco Two Private Limited for a total cash consideration of up to Rs 10 lakh. The Karnataka-based company was incorporated on June 15, 2026, as a subsidiary of U-Solar Clean Energy Solutions Private Limited.
GNU Solar Two has a paid-up equity share capital of Rs 10 lakh. SWELECT will acquire all 10,00,000 equity shares of the company, each with a face value of Re 1. Following completion of the transaction, GNU Solar Two will become a wholly owned subsidiary of SWELECT.
The target company plans to establish a solar power project with an initial capacity of up to 11 MWp DC under the Group Captive Scheme.
Both USolar Four and GNU Solar Two are currently pre-operational and have reported zero turnover. The corporate announcements were signed by Arulkumar Pudur Shanmugasundaram, Managing Director and CEO of SWELECT Energy Systems, and submitted to BSE Limited and the National Stock Exchange of India.
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