Joint Venture17 Feb 2026, 07:41 pm
Swelect Energy Systems to Form Joint Venture with FortifyGrid LLC for Solar BESS Development and Installation
AI Summary
Swelect Energy Systems Ltd. has announced its intention to establish a joint venture company in India with FortifyGrid LLC, focusing on the development and installation of Solar Battery Energy Storage Systems (BESS). The investment committee of the board has approved the proposal, and the JV will further strengthen Swelect's position in the BESS business ecosystem in the international market. The JV will engage in design and engineering, procurement support, cost estimation, scheduling, project reporting, off-site construction, and project management for BESS projects.
Key Highlights
- Swelect Energy Systems and FortifyGrid LLC to form a 50:50 joint venture company in India for Solar BESS development and installation.
- The JV will focus on design and engineering, procurement support, cost estimation, scheduling, project reporting, off-site construction, and project management for BESS projects.
- This partnership will strengthen Swelect's foothold in the BESS business ecosystem in the international market.
- The proposed JV company is to be named SWELECT FortifyGrid India Private Limited or SWELECT FG India Private Limited or such other name as may be approved by the Ministry of Corporate Affairs, Government of India.
- The JV will have a 50:50 shareholding by Swelect Energy Systems Ltd. and FortifyGrid LLC, with INR 5,00,000/- as the initial subscription amount from each JV partner.