Apollo Green Energy charts Rs 10,000-crore growth plan, prepares for 2025 IPO

Apollo Green Energy Limited (AGEL), a part of Apollo International Group, has unveiled plans to expand its renewable energy portfolio to Rs 10,000 crore by 2025, bolstered by an impending IPO aimed at supporting new projects.

Currently, the company manages an order book worth Rs 3,500 crore, including Rs 2,500 crore in active solar projects across India, and operates in eight states with over 400 MW of solar installations.

AGEL specializes in Engineering, Procurement, and Construction (EPC) for renewable energy, with a focus on solar, energy storage, green hydrogen, and hybrid power solutions. Its ongoing efforts include a significant Flue Gas Desulfurization (FGD) project to reduce sulfur emissions, valued at around Rs 700 crore. The company has also achieved substantial growth, with revenues jumping from Rs 324.83 crore in FY22 to Rs 1,174.77 crore in FY24.

In preparation for its IPO, AGEL is pursuing multiple large-scale projects across India. These include a 40 MW fixed-tilt solar plant in Odisha, a 50 MW floating solar facility in Kerala—the first of its kind in the state—and a 200 MW solar installation with tracking technology in Gujarat. Additionally, the company is implementing a major solar street light initiative in Bihar.

Looking ahead, AGEL plans to venture into wind, hybrid energy, green hydrogen, and battery storage solutions to broaden its capabilities in the renewable sector. Strategic partnerships with technology providers are also on the agenda, with potential plans to produce in-house solar modules to streamline costs. These initiatives align with India’s ambitious target of 500 GW of renewable energy by 2030, furthering AGEL’s commitment to sustainability and innovation in the sector.