Upcoming IPO in 2025: Apollo Green Energy sets sight on ₹10,000 crore project portfolio

Upcoming IPO in 2025: Apollo Green Energy Limited (AGEL), a renewable energy arm of Apollo International Group, is setting ambitious goals as it plans a public listing in 2025. The company, already managing a substantial order book of ₹3,500 crore, aims to expand its project portfolio to ₹10,000 crore by 2025, tapping into India’s growing renewable energy market.

AGEL’s revenue trajectory has been noteworthy, rising from ₹324.83 crore in FY22 to ₹688.85 crore in FY23 and further soaring to ₹1,174.77 crore in FY24. This impressive growth reflects AGEL’s aggressive expansion across India’s renewable energy sector, spanning solar and hydro projects. The company operates in eight states and manages a diverse portfolio, including 400 MW solar installations and several large-scale Engineering, Procurement, and Construction (EPC) projects.

AGEL's CEO Sanjay Gupta said “As we advance our operations, we aim to establish a strong foundation for renewable energy projects in India. With an order book of ₹3,500 crore and a team of over 200 professionals, we are dedicated to delivering projects that support the nation’s energy goals and sustainability objectives. Our upcoming IPO will enhance our financial base, allowing us to scale and invest in cutting-edge renewable technologies.”

AGEL’s project pipeline includes high-impact renewable installations. The company is currently executing a 40 MW fixed-tilt solar project in Odisha, a pioneering 50 MW floating solar installation in Kerala, and a 200 MW solar project with tracker technology in Gujarat. In Bihar, AGEL is also involved in the deployment of 150,000 smart solar streetlights, part of its commitment to promoting sustainable infrastructure.

In line with India's clean energy goals, AGEL is exploring new technologies such as wind, green hydrogen, and energy storage solutions. The company is also in discussions with technology providers for strategic partnerships and plans to produce its own solar models to enhance capabilities and keep costs competitive. AGEL’s involvement in pollution control initiatives, such as its Flue Gas Desulfurization (FGD) systems, supports India's environmental efforts by reducing sulfur dioxide emissions from power generation.

With India’s renewable energy target set at 500 GW by 2030, AGEL’s focus on utility-scale solar, hydro energy, and green hydrogen projects aligns with the nation’s ambitious goals.