Swelect Energy Invests ₹20.77 Cr in USolar Assetco Four for Solar Plant
Swelect Energy Systems Ltd announced an additional investment of up to ₹20,76,66,459 in its wholly-owned subsidiary, USolar Assetco Four Private Limited. This investment is for setting up a 26.6 MWp DC solar power plant under a Group Captive Scheme. The investment will be made in tranches at ₹89 per share (₹1 face value, ₹88 premium). Upon completion, Swelect's shareholding in USolar Assetco Four will reduce from 100% to 74% due to allotments to other group captive investors. The company also mentioned the acquisition of GNU Solar Assetco Two Private Limited, which will also become a wholly-owned subsidiary for future solar power plant development. This move is expected to increase the consolidated turnover of Swelect Energy Systems.
Key Highlights
- Additional investment of up to ₹20.77 Cr in USolar Assetco Four.
- Investment to fund a 26.6 MWp DC solar power plant project.
- Swelect's stake to reduce to 74% post-investment from group investors.
- Acquisition of GNU Solar Assetco Two to establish another subsidiary.
- Project aims to increase consolidated turnover for Swelect Energy.
Price Impact
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