Solar91 Cleantech SME IPO Details, Financials, Valuation & Peers

Solar91 Cleantech Limited, established in 2015, is a renewable energy solutions provider specializing in solar energy systems. Initially operating under the EPC (Engineering, Procurement, and Construction) model, the company has expanded its portfolio to include the Independent Power Producer (IPP) model, where it builds, owns, and operates solar power projects through Special Purpose Vehicles (SPVs). Solar91 offers turnkey solutions for industrial, commercial, and residential sectors, with a focus on grid-connected and off-grid solar energy systems. Headquartered in Rajasthan, Solar91 has successfully commissioned over 94 MW of solar capacity across 13 Indian states and internationally in Kenya. The company’s expertise lies in distributed renewable energy solutions, including rooftop solar, open access, group captive solutions, and agro-PV systems. Solar91 has also aligned itself with government initiatives such as the PM Kusum scheme to expand its IPP portfolio.

Key Points:

• Business Model:
  • EPC Model: Turnkey solar energy solutions for commercial and industrial consumers.
  • IPP Model: Ownership and operation of solar power plants via SPVs, generating revenue through Power Purchase Agreements (PPAs).
• Project Portfolio:
  • 191 commissioned projects in 13 Indian states and Kenya.
  • Total installed capacity of over 94 MW.
• Market Focus:
  • Distributed renewable energy generation, including rooftop solar, agro-PV, and open-access solutions.
• Government Collaboration:
  • Active participation in the PM Kusum Scheme for agricultural solarization.
• Geographical Reach:
  • Presence in Rajasthan, Maharashtra, and other Indian states, with an international project in Kenya.