Apollo Green eyes 2025 listing ahead of planned expansion - report

Indian engineering contractor Apollo Green Energy plans to launch an initial public offering (IPO) at home as it seeks cash for new projects, including for the construction of a 500-MW solar module factory, Reuters reports.

The unit of Apollo International Group, which delivers engineering, construction and procurement (EPC) services in the renewable energy sector, aims to go public in 2025.

Apollo Green’s CEO Sanjay Gupta has said that the company’s ambitions are to build the photovoltaic (PV) module production plant in the next two-three years. Meanwhile, it will seek to triple its order book to INR 100 billion (USD 1.19bn/EUR 1.09bn) by the end of the current fiscal year in March 2025, boosting its current total of INR 35 billion.

At present, Apollo Green operates in eight states and has 400 MW of solar projects in execution, it says on its website. Its ongoing projects cover the construction of a 40-MW fixed-tilt PV park in Odisha, a 50-MW floating solar plant in Kerala and a 200-MW complex in Gujarat.

Apart from its involvement in the solar PV sector, the company is exploring technologies such as wind, green hydrogen and energy storage.

Acme Solar Holdings Ltd, an Indian renewables developer with a portfolio of 1,320 MW in operational capacity, is also pursuing a bourse listing. This week, the company said it will aim to raise up to INR 29 billion in the deal.

(INR 10 = USD 0.119/EUR 0.109)

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