Apollo Green Energy Limited, a subsidiary of the Apollo International Group, has set a clear trajectory to become a diversified player in India’s energy transition.
With a goal of securing a 1 GW engineering, procurement, and construction (EPC) order book by 2026, the company is leveraging its existing project pipeline and expanding into sectors poised for exponential growth—green hydrogen, battery energy storage systems (BESS), and electric vehicle (EV) infrastructure.
This strategic repositioning comes at a time when clean energy technologies are moving from the periphery of global energy systems to the core. India, in particular, is ramping up deployment to meet ambitious climate commitments and energy security goals. Apollo Green Energy’s approach reflects an attempt to align with these national imperatives while building a presence across critical clean energy verticals.
Currently, the company is executing over 400 MW of solar power projects across multiple Indian states. With a cumulative project pipeline exceeding ₹3,000 crore (approximately USD 360 million), Apollo is targeting accelerated deployment through a mix of government and private-sector engagements. The company’s presence spans eight states, allowing it to tap regional procurement schemes and solar auctions while diversifying execution risk.
For FY 2024–25, Apollo Green Energy reported consolidated revenues of ₹72,616 lakh (~USD 870 million), underscoring the company’s strong topline performance. Its asset-light model—reliant on strategic subcontracting and technology partnerships—offers capital efficiency and operational scalability, key attributes as it moves into capex-intensive sectors like BESS and hydrogen.
As part of its technology-forward strategy, Apollo is entering global collaborations to accelerate R&D and deployment of next-generation energy solutions. According to recent reports by ET EnergyWorld, the company is in active discussions with international technology providers to co-develop projects in green hydrogen and long-duration energy storage. These partnerships are not only expected to reduce Apollo’s technological risk but also provide access to new markets and finance.
The timing of Apollo’s pivot is notable. India’s draft National Green Hydrogen Mission targets five million metric tonnes of annual green hydrogen production by 2030, while BESS has been identified as essential for grid flexibility under the country’s updated National Electricity Plan. At the same time, electric vehicle adoption—spurred by state incentives and rising fuel costs—is driving parallel demand for charging infrastructure, which Apollo aims to address.
However, execution risks remain. While capital markets have shown enthusiasm for clean tech firms, sectoral volatility, permitting delays, and supply chain constraints—particularly in electrolyzers and advanced battery chemistries—could affect timelines and margins. Apollo’s asset-light model may mitigate some of these pressures, but its success will depend on its ability to convert pipeline into timely execution across technologies and geographies.
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