COMPANY SNAPSHOT
Apollo Green Energy is a fast-growing EPC specialist in utility-scale renewables, now scaling into storage, hydrogen, wind, and manufacturing. With ₹3.5k+ Cr orders, robust margins, and an IPO on the horizon, it’s positioning itself for a major leap.
Founded: August 25, 1994
Parent Group: Apollo International Group
Headquarters: Delhi NCR, with operations across 8 Indian states.
Business Model & Segments
Apollo Green Energy is an EPC (Engineering, Procurement, and Construction) company focused on renewable energy, offering:
- Utility-scale solar – 400 MW+ under execution
- Wind farms
- Hybrid systems – solar + wind + storage
- Battery Energy Storage Systems (BESS) and flue gas desulfurization (FGD) projects
- Green hydrogen infrastructure
In March 2025, they formed AGEL Renewable Energy Ltd, investing ₹500 Cr to develop a 1 GW renewables portfolio, accelerated through tenders and PPAs.
Key Projects & Capabilities
Solar Projects:
- 40 MW fixed-tilt (Odisha), 50 MW floating (Kerala), 200 MW tracker (Gujarat)
Smart street lighting: 150,000+ solar streetlights in Bihar
FGD Project: ₹700 Cr flue gas desulfurization at Anuppur thermal plant
Strategic Focus & Competitive Edge
- Asset-light model across 8 states with advanced tech – trackers, floating solar, storage, hydrogen
- Diversified solutions: solar, wind, hybrid, energy storage, green hydrogen, FGD
- Strong parentage and an improving CRISIL rating (BBB/Stable long-term)
INDUSTRY OUTLOOK
1. Strong Growth Trajectory
- India aims to reach 500 GW of non-fossil fuel capacity by 2030.
- As of 2025, installed renewable capacity (excluding large hydro) stands at over 137 GW.
- Utility-scale projects contribute ~85% of new renewable installations.
2. Dominance of Solar and Rise of Hybrid
- Utility-scale solar continues to dominate due to falling costs and high scalability.
- Hybrid projects (solar + wind) are gaining traction for grid balancing and power reliability.
- Round-the-Clock (RTC) power tenders are rising, integrating storage for firm power supply.
3. Accelerated Demand from Corporates
- Growing demand from industries, data centers, and commercial users for green power.
- ESG mandates and decarbonization targets driving private investments.
4. Government Policy Support
- Inter-state transmission (ISTS) charge waiver extended till 2030 for solar and wind.
- PLI schemes for solar modules, advanced batteries, and green hydrogen infrastructure.
- Flexible ALMM (Approved List of Models and Manufacturers) implementation to support execution.
5. Energy Storage Becoming Critical
- Surge in Battery Energy Storage System (BESS) tenders to complement solar/wind.
- Storage is essential for peak-hour reliability and RTC delivery.
- Government pilot schemes and Viability Gap Funding (VGF) being introduced for BESS.
6. International Capital & FDI Flowing In
- India attracts >$10 billion FDI in renewables in last five years.
- Climate-focused funds, sovereign investors, and multilateral banks are active.
- Partnerships with global developers in solar, wind, and hydrogen.
7. Future Outlook (2025–2030)
- Expected 15–20% CAGR in utility-scale renewables.
- Share of hybrid and RTC projects will grow rapidly.
- BESS and green hydrogen-linked renewables to emerge as new growth segments.
8. Strategic Opportunity
India is evolving into a global renewable hub with manufacturing, R&D, and export potential.
Early movers in storage, RTC, and green hydrogen are best positioned for long-term gains.
LATEST SHAREHOLDING PATTERN FOR APOLLO GREEN ENERGY LTD.
| Shareholder | Shareholding (%) |
| OSK Holdings (AIL) Pvt Ltd | 32.0% |
| AIL Consultants Pvt Ltd | 21.3% |
| Raaja Kanwar (Promoter) | 18.2% |
| Amit Dyechem Pvt Ltd | 15.2% |
| Global Propmart Pvt Ltd | 13.2% |
| Others | 1.0% |
| Total | 100.0% |