Apollo Green Energy Ltd, part of the Apollo Group, is planning a ₹1,500 crore investment to expand its operations in India’s growing renewable energy sector. The company aims to secure most of the funds through an initial public offering (IPO) scheduled for next year.
Since its entry into the renewable energy market less than a year ago, Apollo Green has secured contracts worth ₹2,830 crore, primarily focused on solar projects. The company’s CEO, Sanjay Gupta, expressed confidence in quickly scaling its portfolio from ₹3,500 crore to ₹10,000 crore in the coming year.
Apollo Green Energy plans to leverage India’s ambitious goal of reaching 500 GW of renewable energy capacity by 2030. This target could generate opportunities worth over ₹1.25 trillion, with solar power playing a key role in meeting this goal.
The company has been actively participating in tenders issued by both central and state governments as well as public sector companies, aiming for projects with a minimum value of ₹1,000 crore. Apollo Green has already seen significant growth in its revenue, rising from ₹325 crore in 2021-22 to ₹1,175 crore in 2023-24.
To fund its ₹1,500 crore capital expenditure plan, the company intends to list on the stock market by Diwali next year. The IPO proceeds will be used for debt repayment, mergers and acquisitions, and working capital needs. Currently, the company carries ₹250 crore in debt.
Apollo Green Energy operates in eight states and manages 400 MW of solar installations. The company is also expanding into wind, hybrid energy, green hydrogen, and battery storage solutions, with a growing presence in Africa, Southeast Asia, and West Asia.
