SolarWorld Energy Solutions IPO

Company Overview:

Incorporated in 2013, SolarWorld Energy Solutions Limited is a leading solar energy solutions provider specializing in Engineering, Procurement, and Construction (EPC) services for solar power projects. The company offers a mix of business models, catering to both large enterprises and businesses seeking affordable renewable energy adoption.

Business Models:

1. Capital Expenditure (CAPEX) Model

End-to-end solar project execution covering design, installation, setup, and commissioning.

Project ownership and benefits remain with the customer.

Suitable for clients with long-term investment and energy security goals.

2. Renewable Energy Service Company (RESCO) Model

Enables customers to adopt solar energy without upfront investment.

Focuses on reducing clients’ carbon footprint and energy costs with minimal financial burden.

Provides SolarWorld with recurring revenue streams through long-term power purchase agreements.

Strategic Partnership:

On May 14, 2024, SolarWorld Energy Solutions Limited signed an equity cooperation agreement with ZNSHINE PV-Tech Co. Ltd., a Bloomberg NEF Tier-1 Chinese solar panel supplier. This partnership aims to establish a solar panel manufacturing facility, strengthening backward integration and ensuring supply reliability.

Objects of the Issue:

• Investment in Subsidiary (KSPL) for partial financing of the Pandhurana Project – ₹420 Cr

• General Corporate Purposes – ₹20 Cr

Strengths:

• Proven EPC expertise with timely project delivery.

• Robust order book supported by favorable policies.

• Strong financials with efficient operations.

• Expanding presence with repeat clients.

• Balanced growth via CAPEX & RESCO models.

• Focus on R&D, innovation & tech solutions.

• ESG-aligned, attracting institutional investors.

• JV with ZNSHINE ensures cost-competitive supply.

Risks:

• Fixed-price contracts may squeeze margins.

• Revenue concentration in few clients/projects.

• High receivables create liquidity pressure.

• Reliance on vendors/subcontractors for quality & timelines.

• Growth tied to policy & regulatory support.

• Forex risk from imported solar components.

• Execution challenges in new manufacturing venture.

• Intense competition may impact pricing power.

SolarWorld Energy Solutions IPO: Key Details

• IPO Dates: 23 – 25 September 2025

• Price Band: ₹333 to ₹351 per share

• Lot Size: 42 Shares

• Total Issue Size: ₹490 Cr

• Retail Quota: 10%

• GMP (for reference only): 13%
  

Allotment Link

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