Insolation Energy expands solar footprint with nine new subsidiaries

Insolation Energy Ltd. announced on September 10, 2025, the incorporation of nine new wholly-owned step-down subsidiaries by its wholly-owned subsidiary, Insolation Green Energy Private Limited. The new entities, including VNPG Green Infra Private Limited and JEMP Green Infra Private Limited, were incorporated on September 10, 2025, to function as Special Purpose Vehicles (SPVs) for setting up solar power plants.

Each of the nine SPVs has an authorized share capital of INR 100,000, divided into 10,000 equity shares of INR 10 each, and a subscription amount of INR 100,000. These companies are wholly subscribed by Insolation Green Energy Private Limited, making them related parties of Insolation Energy. The new SPVs will focus on Solar Power Plant Development, encompassing erection, installation, construction, operation, maintenance, and consultancy for renewable energy power projects, including rooftop solar (RTS) photovoltaic power projects.

The acquisitions are considered related party transactions as the SPVs are promoted by a wholly-owned subsidiary. However, the initial subscription payable by subscribers to the SPVs is not a related party transaction for Insolation Energy itself. The companies are not yet commencing business operations.