SAEL Secures $1 Billion For Solar, Other Renewables

Highlights :

  • SAEL Industries secured fresh funding from Norfund, DFC, ADB and Tata Cleantech.
  • Most of the projects are expected to come up in solar and waste-to-energy realms.
SAEL Secures $1 Billion For Solar, Other Renewables RUVNL's 1 GW Tender Sees Mahindra Susten, SAEL, Avaada Among Winners

SAEL Industries, an Indian renewable energy firm, has successfully secured $1 billion in funding from various financial institutions, including Norfund, DFC, Asian Development Bank (ADB), and Tata Cleantech. The funds will be utilized to support SAEL’s renewable energy portfolio, with a focus on expanding its solar and biomass projects. The company, which specializes in solar and waste-to-energy project development, is committed to backward integration.

Taking advantage of the favorable market conditions and government initiatives in the renewable energy sector, SAEL plans to use the funding to enhance its solar and biomass projects. Additionally, the company is in the process of establishing a solar panel manufacturing capacity of 2.3 GW in Rajasthan and Punjab.

In pursuit of its ambitious goals, SAEL aims to complete a capital expenditure of INR 15,000 crore in the fiscal year 2025. The company plans to execute 2-2.5 GW of renewable capacity annually, working towards achieving its target of 10 GW within the next four years.

With a current renewable portfolio standing at 2.7 GW, SAEL holds the distinction of being the largest waste-to-energy producer in India, employing cutting-edge European technology. The company has over 20 solar projects spread across various Indian states, including Gujarat, Uttar Pradesh, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Mizoram, and Punjab.

Jasbir Singh, Chairman and Managing Director, SAEL, said, “These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India.”

Norfund CEO Tellef Thorleifsson, said,  “We have been thrilled to partner with SAEL for the past year, and we are happy to be able to further finance the company’s effort to reach its ambitious targets for increasing its renewable energy capacity, in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund.”

US Deputy Chief of Mission Patricia Lacina mentioned, “DFC’s Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes.”

A year ago, the Norwegian Climate Investment Fund invested $62 million (Rs. 500 crores) in equity in SAEL to contribute to avoiding more than 2.8 million tons of CO2 emissions. Given the rising air pollution in the North-West part of India due to multiple challenges, the investment will also help improve air quality by reducing stubble burning.

In March 2023, SAEL signed loan agreements with ADB of up to around $91 million with an objective of promoting the generation of biomass energy through agricultural residue. This too was to help diversify energy mix of India and reduce carbon intensity.

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