Solar91 Cleantech Receives Approval from BSE for SME IPO
Jaipur-based solar EPC firm Solar91 Cleantech has received BSE approval for its draft red herring prospectus (DRHP). The company aims to raise INR 100 crore, through an SME IPO, for its expansion as an independent power producer (IPP), working capital, and general corporate needs.
December 07, 2024. By Mrinmoy Dey
Solar91 Cleantech aims to raise around INR 100 crore through a fresh issue of 54.36 lakh shares, each with a face value of INR 10, via the book-building route. The company filed the DRHP in September this year.
As per DRHP, the proceeds from this IPO will be invested in its subsidiaries (INR 60 crore) which will be used to expand its operation as an independent power producer (IPP). Another INR 20 crore will be used to fulfil the working capital requirement and the balance will be used for general corporate purposes.
Narnolia Financial Services Ltd. has been appointed as the book-running lead manager for the IPO, while Maashitla Securities will serve as the registrar of the issue.
The company is engaged in providing EPC solar energy solutions to commercial and industrial (C&I) customers to offset their power consumption through renewable energy sources. “We build, operate and maintain grid-connected and off-grid solar power projects for our customers,” mentioned the company in the DRHP.
It further added, “We are moving towards the IPP Model, where we will build our own portfolio of solar projects. In this, we create an SPV in the form of a 100 percent subsidiary and build, own, operate and maintain solar power projects. The subsidiary generates revenue by entering into Power Purchase Agreements with Discoms for selling electricity units generated from our projects.”
So far, the company has commissioned nearly 80 MW of distributed solar projects across 13 Indian states. It also holds an order book exceeding 155 MW under the PM KUSUM (C2 - Feeder Level Solarization) Scheme as an IPP.
The company has emerged as the lowest bidder in IPP projects in Karnataka and is actively developing solar parks for captive open-access consumers in Rajasthan and Karnataka.
please contact: contact@energetica-india.net.
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