Indian engineering contractor Apollo Green Energy is set to launch an initial public offering (IPO) as it seeks funding for new projects, including the construction of a 500-MW solar module factory.
The subsidiary of Apollo International Group, which specializes in engineering, procurement, and construction (EPC) services in the renewable energy sector, intends to go public in 2025.
CEO Sanjay Gupta stated that the company aims to build the photovoltaic (PV) module production facility within the next two to three years.
Concurrently, Apollo Green plans to triple its order book to INR 100 billion (USD 1.19 billion, EUR 1.09 billion) by the end of the current fiscal year in March 2025, up from its current total of INR 35 billion.
Currently, Apollo Green operates in eight states across India and has 400 MW of solar projects underway, as detailed on its website. Its ongoing initiatives include a 40-MW fixed-tilt PV park in Odisha, a 50-MW floating solar plant in Kerala, and a 200-MW complex in Gujarat.
In addition to its solar PV focus, the company is exploring opportunities in wind energy, green hydrogen, and energy storage. Meanwhile, Acme Solar Holdings Ltd, another Indian renewable energy developer with a portfolio of 1,320 MW of operational capacity, is also pursuing a stock market listing, aiming to raise up to INR 29 billion in the process.
