Solar module manufacturer, SWELECT Energy Systems, announced that its wholly owned subsidiary, SWELECT SolarKraft, has signed an agreement to acquire a 49% equity stake in Gridnex Solar Power.

Gridnex Solar Power is a wholly owned subsidiary of Apollo Green Energy.

SWELECT SolarKraft will acquire 4,900 equity shares with a face value of ₹10 (~$0.106) each, representing 49% of Gridnex Solar’s total paid-up equity share capital.

The cash transaction is valued at ₹43.12 million (~$456,507).

Gridnex Solar is developing eight solar power projects totaling 80 MW each under the Surya Mitra Krishi Feeders Scheme and the feeder solarization component of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Component C program.

The power generated from these projects will be sold to Madhya Pradesh Power Management Company.

Gridnex Solar Power has a paid-up equity share capital of ₹100,000 (~$1,058.6) and has not commenced commercial operations.

The acquisition is intended to expand SWELECT Energy Systems’ business footprint and support its consolidated turnover on a sustained, long-term basis.

Post-acquisition, Apollo Green Energy will remain the majority shareholder of Gridnex Solar.

SWELECT offers solar, wind, and energy storage systems, engineering, procurement and construction, operation and maintenance, and independent power producer solutions for corporate, industrial, and residential segments.

In March 2026, SWELECT Energy Systems announced that its Singapore subsidiary would enter into a strategic partnership with U.S.-based FortifyGrid to form a joint venture to develop and install solar-battery energy storage systems in Singapore and other ASEAN markets.

According to Mercom Capital Group’s Q1 2026 Solar Funding and M&A Report, the report recorded 28 solar corporate M&A transactions during Q1 2026, representing a 47% increase from 19 transactions in Q1 2025 and a 33% rise from 21 transactions in Q4 2025.

Last year,  SWELECT Group secured ₹2.9 billion (~$33.39 million) in funding through non-convertible debentures via a private placement with India Infradebt. The funds were expected to be reinvested to expand SWELECT’s independent power producer portfolio to 1 GW by 2026-27.