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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in subsidiary KSPL for the Pandhurana solar cell manufacturing project
Funding the establishment of a 1.2 GW solar PV TopCon cell manufacturing plant in Pandhurana, Madhya Pradesh, through the company's subsidiary KSPL.
General corporate purposes
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(₹ in Crore)
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Solarworld Energy Solutions Limited is a renewable energy company focused on providing engineering, procurement and construction (EPC) services for solar power projects across India. Incorporated in 2013 and headquartered in New Delhi, the company serves both commercial and industrial clients through two primary business models. Under its CAPEX model, Solarworld delivers turnkey solar installations covering design, procurement, setup and commissioning, with the customer retaining project ownership. The RESCO model enables clients to adopt solar power without upfront capital expenditure, helping businesses reduce their carbon footprint while minimizing financial burden. The company has built a track record of delivering solar capacity at scale. As of July 2025, Solarworld had completed projects totaling approximately 254 MW AC (336 MW DC) and had ongoing EPC projects with a combined capacity of 765 MW AC (994 MW DC), along with battery energy storage systems (BESS) projects of 325 MW and 650 MWh. The company has set a target of reaching 5 GW of capacity by 2028. Its client base includes organizations such as SJVN Green Energy, Haldiram Snacks, Moon Beverages and Ethnic Food Manufacturing. The company employed 277 people as of July 2025. Solarworld is expanding beyond EPC services into manufacturing and energy storage. In May 2024, the company entered into a cooperation agreement with ZNSHINE PV-Tech Co. Ltd., a Bloomberg NEF tier-1 solar panel supplier from China, to establish a solar panel manufacturing facility. Through its subsidiary KSPL, the company is investing in setting up a 1.2 GW solar PV TopCon cell manufacturing plant in Pandhurana, Madhya Pradesh. These initiatives are aligned with India's broader goal of achieving 500 GW of renewable energy capacity by 2030.
The company raised Rs 220.5 crore from anchor investors by allotting 62.82 lakh shares at Rs 351 per share. VQ Fastercap Fund was the largest participant with an allocation of Rs 44.89 crore, followed by Pinebridge Global Funds, Singularity AMC and Motilal Oswal AMC at Rs 24.89 crore each. Other participants included Citigroup Global, BNP Paribas, Varanium Dynamic Trust, Nuvama Private Investment Trust, Cognizant Capital, LC Pharos, India Max Investment Fund, Capri Global, Golden Equity Fund and Astrone Capital.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Established solar EPC capabilities
The company has developed comprehensive in-house expertise in solar project engineering, procurement and construction, enabling end-to-end project delivery without heavy dependence on external contractors.
Strong order pipeline backed by policy tailwinds
A sizeable order book provides near-term revenue visibility, supported by favorable government policies promoting renewable energy adoption in India.
Improving financial performance
The company has demonstrated consistent revenue and profit growth, with expanding margins driven by operational efficiencies across its project portfolio.
Client retention and business diversification
Solarworld has expanded its geographic reach while maintaining relationships with existing customers, and is diversifying into solar module manufacturing and battery energy storage systems.
Focus on technology and innovation
Ongoing investment in research and development positions the company to adopt newer solar technologies, including TopCon cell manufacturing through its Pandhurana plant.
Fixed-price contract exposure
The company operates under fixed-price EPC contracts where input cost escalations cannot be passed through, creating risk of margin compression during periods of rising material or labor costs.
Client and project concentration
Revenue is concentrated among a limited number of large clients and projects, making the business susceptible to delays or cancellations by any single customer.
Working capital intensity
The EPC business model requires substantial working capital with extended receivable cycles, which can strain liquidity and increase borrowing requirements.
Solarworld Energy Solutions Limited
MUFG Intime India Private Limited
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Third-party supply chain dependence
The company relies on external vendors and subcontractors for key materials and specialized services, exposing it to supply disruptions and quality control challenges.
Regulatory and policy dependence
Business growth is closely linked to government renewable energy policies, subsidies and approval processes, and any adverse policy changes could impact demand.