Swelect Energy Systems began life in 1984 as Numeric Power Systems, the company behind India’s most trusted UPS brand - the kind that kept servers running through blackouts with near-perfect reliability - and that four-decade mastery of power electronics is the thread that runs through everything it does today. After selling the UPS division to a Legrand subsidiary in 2012, the company renamed itself Swelect and pivoted entirely to clean energy, building a solar business that now spans making the panels, designing and installing the plants, owning and operating them to sell the power, and distributing the equipment through a national channel network. The recurring approach is to own more of the value chain than rivals can - manufacturing its own modules and mounting structures, then deploying them in its own projects or selling them to others, so that every new solar farm feeds at least two parts of the business at once. # Business segments Two engines at different stages - a manufacturing-and-projects core that builds and sells solar systems, and an energy-sales business that owns the plants and collects the power bills - each fed by the company’s own factory output. ## 1. Solar manufacturing and projects: the build-and-sell engine **The company makes solar panels, the steel structures that hold them up, and the electrical boxes that connect them - then either sells that kit to installers or uses it to build entire solar plants for customers, capturing margin at every step.** - **It also makes the mounting structures and electrical balance-of-system** - at a separate factory near Salem, Tamil Nadu, with 1 GW of annual capacity for steel mounting structures, combiner boxes, distribution panels and stabilisers, all produced on automated roll-forming and CNC fabrication lines. Because the company makes these components in-house, its EPC projects avoid third-party procurement delays and cost mark-ups. - **The EPC division builds turnkey solar plants** - from 1 MW rooftops to 50 MW-plus ground-mount farms, with over 300 MW of cumulative project delivery and a pan-India execution reach established through a new Delhi office. The company handles everything from design to commissioning and ongoing maintenance, recognising revenue only when the plant receives government electrical inspector approval - so the customer pays for a working system, not a promise. - **A channel network of over 100 partners distributes the products** - distributors, dealers and installation partners across India sell the company’s modules, mounting structures and packaged solar kits to residential, SME and agricultural buyers, with warehouses in Noida, Lucknow and Patna strengthening northern India logistics. The division also executes rooftop installations up to 500 kW directly, which means it competes for both the product sale and the installation revenue. ## 2. Independent power production: the own-and-operate engine **The company builds solar and wind plants, keeps them on its own books, and sells the electricity under long-term contracts - turning one-time project execution into a recurring revenue stream.** - **A growing portfolio of power plants** - 159 MW of operational capacity across 39 solar plants and two new wind turbines as of March 2026, spanning ground-mount utility-scale farms, rooftop installations under the RESCO model (where the company owns the system on the customer’s roof), and a wind-solar-battery hybrid pilot. Each plant is housed in a separate project subsidiary, which isolates risk and makes the portfolio easier to finance project by project. - **Power is sold under long-term purchase agreements** - state electricity boards and commercial and industrial customers sign PPAs and pay only for the units they actually consume, delivered through the open-access mechanism that uses the existing grid to wheel power from the solar farm to the customer’s factory. The company also earns income from Renewable Energy Certificates sold on power exchanges, adding a secondary revenue layer to the same electrons. - **A defined pipeline funds the next wave of growth** - more than 150 MW of additional PPAs are being pursued for signing by mid-2026, and the company is targeting 500 MW of contracted PPAs by March 2027, with a stated trajectory toward 1 GW of IPP capacity within two years. Recent commissioning includes a 5 MW plant supplying Chennai Airport and a 4.4 MW plant serving a group of industrial consumers, showing the model works across both government and private offtakers. # Technology and operations backbone **An in-house monitoring and maintenance system ties the manufacturing and IPP engines together, giving the company real-time visibility into every asset it has ever built.** - **Centralised SCADA monitoring** - a proprietary cloud-based system tracks all solar assets from the head office in Chennai, integrating data across multiple plant locations so that performance issues are flagged immediately rather than discovered during quarterly inspections. - **Drone-based inspection and dry robotic cleaning** - drones survey modules at underperforming sites, while robots clean panels at select locations without using water, cutting both operating cost and environmental footprint. - **The energy-storage heritage is being productised** - building on the Numeric UPS legacy, the company launched a full Battery Energy Storage Systems (BESS) range in 2025-26 under the NUMERGY brand, covering residential systems up to 500 kWh, commercial systems up to 10 MWh, and utility-scale systems up to 100 MWh, with commercial launch expected in mid-2026 once certifications are complete. # Group structure and partners **A listed parent company sits above a web of project-specific subsidiaries and strategic joint ventures, with the manufacturing unit held through a Singapore entity for international positioning.** - **SWELECT HHV Solar Photovoltaics Private Limited (SHPV)** is the manufacturing subsidiary that operates the Coimbatore module factory, held as a step-down subsidiary through SWELECT Energy Systems Pte. Limited, Singapore - a structure that facilitates raw-material sourcing and export market access. - **Fifteen-plus project subsidiaries** each hold individual solar power plants, including SWELECT Clean Energy Private Limited (22 MW), SWELECT Green Energy Solutions Private Limited (14 MW), and newly acquired USOLAR ASSETCO FOUR PRIVATE LIMITED, which is setting up a solar power plant under Group Captive Scheme. - **Two strategic joint ventures with FortifyGrid LLC of the USA** - one in India and one in Singapore, both at 50:50 ownership - will focus on designing and building solar-plus-battery storage projects, extending the company’s BESS capability from products into full project delivery. - **A Singapore-based JV, AV SW Green Energies Pte. Limited**, formed in September 2024 with SWELECT Energy Systems Pte. Limited holding 50%, builds rooftop solar plants under the RESCO model and provides entry into ASEAN markets. - **Non-core assets have been sold to sharpen focus** - the company divested its 100% stake in AMEX Alloys Private Limited (a foundry business) in two tranches during 2024, and sold its 26.04% stake in Yajur Energy Solutions Private Limited, explicitly to concentrate capital and management attention on solar manufacturing, EPC and IPP.