Natrinai Ventures, which operates under the brand NGE Green Energy, has commissioned a 75 MW, 110 kV pooling substation in Pudukkottai, Tamil Nadu. The facility has been connected to the Athanakottai 110/33 to 110 kV PSS substation, enabling seamless grid connectivity. This marks the successful commissioning of NGE’s 4th substation across Tamil Nadu, as the company prepares to tap the capital markets through the SME IPO.
The 110/33 kV facility, equipped with transformer capacity aligned to the 75 MW portfolio, enables efficient evacuation of power from Natrinai’s pooling substation towards various customer solar assets in the region and onward to the state grid. The substation infrastructure is expected to improve plant load factors, reduce transmission bottlenecks and enhance revenue visibility from long-term power purchase arrangements.
Natrinai Ventures, a solar energy company, has announced that it has received approval for its Draft Red Herring Prospectus (DRHP) from the Securities and Exchange Board of India (SEBI), setting the stage for a listing on the SME platform. The company plans to raise INR 133 Crore through the proposed initial public offering.
As per the approved DRHP, the IPO will consist of an issuance of INR 41.40 lakh equity shares. The proposed issue is aimed at funding capacity expansion, strengthening working capital and supporting entry into adjacent segments such as energy storage.
In the industry since 2020, Natrinai Ventures offers Engineering, Procurement and Construction (EPC) services for solar power projects, with a focus on solar power parks (ground-mounted solar systems) and rooftop solar. The Coimbatore-based company has built a strong execution footprint across Tamil Nadu, with an installed capacity of 250 MW of ground-mounted solar systems and 0.10 MW of rooftop solar. As per the DRHP, it holds an EPC contract and Letter of Intent (LOI) for an additional 100 MW of ground-mounted solar capacity.
Natrinai Ventures earns approximately 90 to 92 per cent of its business from solar power parks (ground-mounted solar systems). For the financial year 2024 to 2025, the company recorded a revenue of INR 157 crore and a profit of INR 15.5 crore. Revenue for the financial year 2025 to 2026 is expected to grow 2 to 3 fold, supported by a strong order book and the establishment of 2 new substations during the year.
NGE has been steadily pivoting from being a pure Engineering, Procurement and Construction (EPC) focus to a hybrid EPC and Independent Power Producer (IPP) platform, allowing it to capture value across the solar project lifecycle from design and execution to long-term power generation. The commissioning of grid infrastructure, such as pooling substations, is seen as critical in this transition, ensuring seamless integration of generation assets with utility networks.
Commenting on the development, the promoters of Natrinai Ventures said, “Receiving the DRHP approval from SEBI is a defining moment in our journey from a focused EPC company to an integrated solar platform. Our 4th substation in Pudukkottai, the strong financial performance in FY25, and our planned entry into energy storage reflect the depth of execution capability we have built since 2020. The proposed SME IPO will give us the capital runway to scale this platform meaningfully across Tamil Nadu and beyond.”
