Swelect Energy Systems Limited has expanded its renewable energy portfolio in Kerala through the acquisition of a 26.6 MWp solar independent power producer (IPP) asset, marking its first group captive project in the state.
The acquisition includes U Solar 4 Asset Co. along with its associated power purchase agreement (PPA). The company said the transaction strengthens its presence in the group captive renewable energy segment and supports its strategy of expanding clean energy assets across India.
The 26.6 MWp project is among the larger solar installations in Kerala and represents SWELECT’s entry into the state’s renewable energy market.
Building on the acquisition, the company plans to expand the project into a 70 MWp solar park. As part of this expansion, SWELECT is seeking partnerships with commercial and industrial (C&I) consumers in Kerala, enabling them to procure renewable power through the group captive model.
The company stated that the initiative is aimed at providing reliable and cost-effective green power solutions while supporting industrial decarbonisation efforts.
The latest acquisition follows another recent transaction by SWELECT in the group captive renewable energy segment. Last month, Swelect Energy approved the acquisition of 100% equity shares of USolar Assetco Four Private Limited, a Karnataka-based solar power company.
The featured photograph is for representation only.
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