Apollo Green Energy plans IPO by 2025; aims to achieve ₹10,000 cr portfolio by next year

Apollo Green Energy Limited (AGEL), a renewable energy arm of Apollo International Group, is preparing for a public listing in 2025 to support its expansion and secure new projects. The Delhi NCR-based company, which is managing an order book of ₹3,500 crore with ₹2,500 crore in ongoing projects across solar and hydro energy, aims to build a ₹10,000 crore portfolio by next year.

"As we advance our operations at Apollo Green Energy, we aim to establish a strong foundation for developing & executing renewable energy projects in India. With over 200 professionals and an order book of ₹3,500 crore, we are focused on delivering projects that meet the nation's energy needs and promote sustainability,” says Sanjay Gupta, CEO, AGEL.  

“Our upcoming IPO in 2025 will further strengthen our financial base, enabling us to scale our operations and invest in cutting-edge renewable technologies,” he says.

He further states that the company is executing large utility scale solar projects which require different technical expertise such as a 40 MW solar fixed tilt in Odisha, 50 MW floating solar project in Kerala, and 200 MW solar with tracker technology in Gujarat. “We are also executing 1,50,000 smart solar street lights project in Bihar. Going forward, AGEL will also expand its footprint in wind, hybrid, green Hydrogen and battery storage solutions,” he adds.

Formed in August 1994, AGEL is a renewable energy solutions provider, operating in 8 states, executing 400 MW of solar installations and other engineering, procurement, and construction (EPC) projects. It provides a range of solutions that includes utility-scale solar, energy storage systems, green hydrogen initiatives, and hybrid power. On the financial front, AGEL saw its revenue rising from ₹324.83 crore in FY22 to ₹1,174.77 crore in FY24.

The company is also involved in the execution of Flue Gas Desulfurisation (FGD) systems to reduce sulfur dioxide emissions, a major contributor to pollution, in power generation. This project, valued at approximately ₹700 crore, is nearing completion, says the company.

In a bid to meet the rising demand for renewable energy, the company is strategically building a robust project pipeline that aligns with India’s ambitious goal of achieving 500 GW of renewable capacity by 2030.

AGEL unveiled its IPO plan at a time when the primary market continued to see a surge in new offerings, especially by renewable energy companies. Recently, state-owned NTPC, India’s largest power generation company, proposed to list its green energy arm, NTPC Green Energy, on the domestic bourses. In September this year, NTPC Green Energy filed an IPO paper with SEBI to raise ₹10,000 crore via IPO route, which was recently approved by the regulator. The offer is completely a fresh issue of equity shares, with no offer for sale component, which is likely to be the largest initial share sale by a public sector entity in India.

Besides, Oil and Natural Gas Corporation (ONGC), the country’s largest crude oil and natural gas company, is also looking to list its renewable arm, ONGC Green Energy. While there have been no official announcements regarding an IPO, the PSU major may soon unveil plans to list its subsidiary, which focuses on renewable energy initiatives, including biofuels, green hydrogen and carbon capture. In March 2024, ONGC committed ₹99 crore to ONGC Green, while the board gave approval to invest an additional ₹1,100 crore in the company.

 Another PSU entity, Satluj Jal Vidyut Nigam Limited (SJVN) is also gearing up to list its subsidiary SJVN Green Energy Ltd (SGEL) to support its growth plans. SGEL, which has projects in Maharashtra and Assam, aims to develop 25,000 MW of renewable energy capacity by 2030.

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