Apollo Green Energy, an EPC company focused on renewable energy solutions, is planning an initial public offer even as it is working to achieve a portfolio of ₹10,000 crore by 2025, it said in a release.
The company, part of the Raaja Kanwar-promoter Apollo International Group, currently has an order book of ₹3,500 crore in projects spread across solar and hydro energy. It plans to expand into wind, hybrid, green hydrogen, and battery storage solutions.
The company, which plans to go public next year, has operations in eight states and is executing 400 MW of solar installations and other EPC projects. Funds raised from the IPO will be used to expand and acquire new projects. It said it was forming partnerships with technology providers and exploring options to produce its own solar modules.
In FY24, the company reported revenue of ₹1,174.77 crore, up from ₹688.85 crore a year ago.
The company said it was involved in executing flue gas desulfurization systems to reduce sulfur dioxide emissions, a major contributor to pollution, in power generation. This project, valued at approximately ₹700 crore, is nearing completion.
“Our upcoming IPO in 2025 will further strengthen our financial base, enabling us to scale our operations and invest in cutting-edge renewable technologies,” said CEO Sanjay Gupta.
Its projects under execution included a 40 MW solar fixed tilt in Odisha, a 50 MW floating solar project in Kerala and a 200 MW solar with tracker technology in Gujarat. It is also executing a 1.5 lakh smart solar streetlights project in Bihar.