India’s Apollo Green Energy, a leading engineering and construction firm, is set to establish a 500 MW solar module manufacturing facility within the next two to three years, with plans to enter the domestic public markets in 2025 to support new projects, its CEO, Sanjay Gupta, announced on Tuesday.
Specializing in renewable energy project construction, the company currently holds an order book valued at 35 billion rupees ($416 million) and aims to triple this to 100 billion rupees by the fiscal year-end, Gupta shared with Reuters.
“We are closely monitoring market trends and working with financial consultants to assess a fair valuation for the initial public offering (IPO),” Gupta said, adding that the company expects to finalize the IPO size in the next three to four months.
This fundraising strategy aligns with the surge in Indian IPO activity and the government’s emphasis on clean energy, as India aims to reach 500 GW of renewable energy capacity by 2030, up from the current 154 GW.
India’s stock market reached record highs until September 2024, with 288 companies raising $14 billion in domestic IPOs this year—nearly double the $7.42 billion raised in all of 2023, according to LSEG data.
Apollo Green Energy is also working on 400 MW of solar installations along with other engineering, procurement, and construction (EPC) projects, and is expanding into wind, green hydrogen, and battery storage solutions, Gupta noted.
The company has identified a location in the Indian state of Madhya Pradesh to build its 500 MW solar module facility to supply its own projects, with plans to further increase capacity, though details were not disclosed.
Apollo Green Energy’s revenue rose approximately 71% year-on-year, reaching 11.75 billion rupees in the fiscal year ending March 2024.