In Short:
Swelect Energy Systems shareholders passed a resolution to increase borrowing powers from ₹400 crore to ₹750 crore for company expansion. Swelect is involved in solar power generation, module production, ‘balance of plant’ manufacturing, and EPC services. It plans to venture into battery-based energy storage solutions. Swelect aims for backward integration by setting up a new plant for cell production, expanding existing production capacities, and entering storage solution business.
Expanding Horizons: Swelect Energy Systems Boosts Borrowing Powers
Exciting news from Swelect Energy Systems as shareholders have given the green light to increase the company’s borrowing powers from ₹400 crore to ₹750 crore. What does this mean for Swelect? Let’s dive in and find out!
A Solar Supermarket in the Making
Swelect is gearing up for a major expansion, aiming to become a one-stop solar shop. From power generation to module production, ‘balance of plant’ manufacturing, and EPC services, Swelect does it all. And now, they’re venturing into battery-based energy storage solutions!
Manufacturing Milestones
Recently, Swelect unveiled a cutting-edge module manufacturing plant in Coimbatore, capable of producing the latest technology modules. And they’re not stopping there – a new plant for cell production is on the horizon. The goal? Complete backward integration!
Diversifying Offerings
In addition to ‘balance of plant’ and EPC services, Swelect is now eyeing cell manufacturing. With a comprehensive approach to the value chain, Swelect is set to revolutionize the solar industry.
A Powerhouse in Energy Generation
Swelect’s generation business spans ground mounted and rooftop installations, with a total capacity of 500 MW. With a focus on direct sales and innovative energy models, Swelect is a major player in the renewable energy space.
Storage Solutions on the Horizon
Looking ahead, Swelect is exploring storage solutions to meet the rising demand for ‘firm despatchable renewable energy.’ This move reflects Swelect’s commitment to innovation and sustainability.
Financial Growth and Future Prospects
In the fiscal year 2023-24, Swelect achieved impressive turnover and net profits, signaling a strong financial performance. The decision to raise borrowing powers reflects the company’s ambitious expansion plans and commitment to growth.
On the stock market front, Swelect shares closed at ₹1,218.25 on the BSE, showcasing investor confidence in the company’s future prospects.
Exciting times lie ahead for Swelect Energy Systems as they continue to innovate, expand, and lead the way in the renewable energy sector!
