New Delhi, Sept. 1 -- Renewable energy platform AltEons Energy has secured a strategic investment from Chennai-based conglomerate The Sanmar Group, the two companies said in a joint statement, in a deal that will fund the Hyderabad-based firm's push to build out more than 1.5 gigawatts (GW) of round-the-clock (RTC) clean power capacity for Indian industry.
The financial terms of the investment - including its size and the resulting equity structure - were not disclosed. Usually under-construction renewable projects are valued at Rs 0.5-2 crore per megawatt (MW) and operational ones are at Rs 5 crore per MW.
The capital will underwrite AltEons' expansion of an integrated clean-power platform that stitches together solar, wind, battery storage and digital energy-management software to deliver round-the-clock renewable power to corporate and industrial (C&I) customers, rather than the variable output of standalone solar or wind assets.
The company is already building a 210 MW hybrid portfolio - combining wind, solar and battery storage - in Maharashtra to serve energy-intensive businesses in the state, and plans to add a further 800 MW to its pipeline by the end of the year. Its client base spans manufacturing, automotive, data centres and industrial engineering, which are the sectors under mounting pressure to lock in long-term clean power to meet environmental, social and governance (ESG) commitments.
"AltEons has built a compelling platform focussed on addressing one of the most critical challenges in energy transition - delivering reliable renewable power at scale," Vijay Sankar, chairman of The Sanmar Group, said, adding that the company's leadership and execution capabilities positioned it to become a significant player in India's renewable energy sector.
Srinivasan Viswanathan, founder and chief executive of AltEons Energy, said the Sanmar investment strengthened the company's ability to deliver on its 1.5 GW RTC pipeline and would help industrial customers accelerate their decarbonisation goals. Viswanathan founded AltEons in 2024 after working at SunEdison, Sol Systems and Vibrant Energy Holdings, according to his professional profile.
For Sanmar, the deal marks an entry into India's clean-energy infrastructure build-out from a group whose roots lie in heavy industry. Founded over six decades ago and now chaired by Vijay Sankar, the diversified conglomerate - with businesses spanning chemicals, speciality chemicals, engineering and shipping, and operations across India, Egypt, Singapore, Mexico and the US - reported group turnover of roughly $1.6 billion, according to Sankar's biography on industry body FICCI's website. Sankar also chairs group company Chemplast Sanmar.
Renewable capacity serving the C&I segment is projected to climb to about 57 GW by fiscal 2028, from roughly 40 GW by the end of fiscal 2026, according to Crisil Research, powered by open-access reforms, rising renewable purchase obligations and corporate net-zero commitments.
Developers of hybrid and storage-backed power - the segment AltEons operates in - are among the biggest beneficiaries of that shift, as buyers increasingly reject annual renewable energy credits in favour of contracts that track their actual, round-the-clock load.
Published by HT Digital Content Services with permission from VC Circle.