Solarworld Energy Solutions has filed with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) to raise Rs.6 billion ($71.6 million). The offering includes a fresh equity issuance of Rs.5.5 billion ($65.6 million) and an offer-for-sale of Rs.500 million (~$5.9 million) from its promoter, Pioneer Facor IT Infradevelopers. Currently, promoters hold 82.15% of the equity stake, while public investors own 17.85%.

Based in Uttar Pradesh, Solarworld specializes in engineering, procurement, and construction (EPC) services for solar power projects. The company has operational ground-mounted solar projects exceeding 500 MW and aims for a total of 5 GW by 2028. It is actively developing an additional 700 MW of solar projects.

Recently, Solarworld secured a contract with SJVN Green Energy to supply balance-of-system packages for two grid-connected solar projects totaling 360 MW in Gujarat. In July 2022, it had already entered a contract with SJVN for deploying a 75 MW project in Jalaun district and a 50 MW project in Kanpur district. The total cost of these contracts was estimated at Rs.6.91 billion (~$83.1 million), which includes end-to-end project delivery and maintenance for two years.

The IPO marks a significant step for Solarworld as it positions itself for growth in India's expanding renewable energy sector. With the ongoing momentum towards clean energy, Solarworld aims to attract substantial investment through this public offering, thereby supporting its ambitious growth objectives.