Swelect Energy and Waaree Renewable win solar contracts

Swelect Energy Systems Limited has won a contract to supply its high-efficiency TOPCon bi-facial solar photovoltaic (PV) modules for a 150 MW solar power project in India. The contract was awarded on March 12, 2025.

In addition, the company has raised Rs 2.9 billion through Non-Convertible Debentures (NCDs) via a private placement with India Infradebt Limited. The funds will support Swelect Energy’s goal of expanding its solar portfolio to 1,000 MW by the financial year 2027.

Meanwhile, a consortium of three companies, including Waaree Renewable Energy Technologies Limited, has received a Letter of Award (LoA) worth Rs 7,400.6 million for engineering, procurement, and construction (EPC) works, along with operations and maintenance (O&M), for setting up 125 MW/181.3 MWp solar power projects in India. The award was issued on March 11, 2025, and the project is expected to be completed within 18 months.