Solar power co. Swelect raises Rs.290-Cr via NCDs from India Infradebt

Chennai-based solar power firm Swelect Energy has raised INR 290 crore through non-convertible debentures (NCDs) in a private placement with India Infradebt Ltd.The new fund will be used for its expansion plans and a portion will be reinvested to scale up SWELECT’s independent power producer (IPP) portfolio, targeting 1 GW of solar power assets by 2026-27.Founded in 1994, Swelect Energy Systems (formerly known as Numeric Power Systems) is into manufacturing of solar PV modules, solar PCUs, Servo stabilizers, structural and electrical balance of systems (BOS) such as module mounting structures (MMS).