Insolation Energy Limited (IEL), a leading solar panel manufacturer in India, has announced significant developments that underscore its growth trajectory in the renewable energy sector. The company's subsidiary has secured a substantial order, further solidifying its position in the solar energy market.

Major Order Win

Insolation Green Energy Private Limited, a wholly-owned subsidiary of IEL, has secured a significant sale order valued at ₹143.20 crore (inclusive of GST) from Zetwerk Manufacturing Businesses Private Limited. The order is for the supply of solar modules, highlighting the company's strong position in the solar energy market.

Key Details of the Order

Additional Information

• This is a domestic transaction with no related party involvement.
• There is no promoter group interest in the awarding entity.

The recent development, including the significant order win, reflects Insolation Energy's robust growth strategy and its positioning to capitalize on the expanding opportunities in the solar energy market. This order further strengthens the company's order book and demonstrates the increasing demand for solar modules in India's growing renewable energy sector.

Insolation Energy has taken a significant step towards expanding its solar power portfolio by incorporating 12 new Special Purpose Vehicles (SPVs) through its subsidiary, Insolation Green Energy Private Limited. This strategic move, announced on September 10, 2025, aims to bolster the company's presence in India's growing renewable energy sector.

New SPVs for Solar Power Plant Development

The newly formed SPVs, each with an authorized share capital of Rs. 1.00 lakh, are designed to set up and operate solar power plants across India. The list of incorporated entities includes:

1. VNPG Green Infra Private Limited
2. JEMP Green Infra Private Limited
3. EVNJ Green Infra Private Limited
4. DGEJ Green Infra Private Limited
5. ENS Green Infra One Private Limited
6. DMGN Green Infra Private Limited
7. PRJG Green Infra Private Limited
8. NSJG Green Infra Private Limited
9. NEPG Green Infra Private Limited
10. MGPG Green Infra One Private Limited
11. MGVJ Green Infra One Private Limited
12. MPNG Green Infra Private Limited

These SPVs will focus on various aspects of solar power plant development, including erection, installation, construction, operation, and maintenance. They will also provide consultancy services for renewable energy power plants and engage in the design, supply, and commissioning of rooftop solar photovoltaic power projects.

Strategic Expansion

The incorporation of these SPVs represents a strategic expansion for Insolation Energy, potentially increasing its capacity to undertake multiple solar projects simultaneously. This move aligns with India's push towards renewable energy and could position the company to capitalize on the growing demand for solar power solutions.

Corporate Governance and Compliance

In line with regulatory requirements, Insolation Energy has made the necessary disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has emphasized that these incorporations are not related party transactions for Insolation Energy itself, as the initial subscriptions are made by its wholly-owned subsidiary.

Future Prospects

While the financial impact of these new SPVs is yet to be determined, as they have just been incorporated and are yet to commence operations, the move signals Insolation Energy's commitment to expanding its footprint in the solar energy sector. The company's focus on both ground-mounted and rooftop solar projects through these SPVs could diversify its revenue streams and strengthen its market position.

Potential Market Expansion

Insolation Energy has also initiated steps towards expanding its market presence. The company has announced plans to migrate from the BSE SME platform to the BSE Main Board, subject to shareholder approval. Additionally, it is seeking approval to apply for direct listing on the National Stock Exchange (NSE) Main Board. These moves, if successful, could enhance the company's visibility and liquidity in the stock market.

As Insolation Energy continues to grow its solar power portfolio and explores new market opportunities, investors and industry observers will be keenly watching the company's progress in executing its expansion strategy and the subsequent impact on its financial performance.