SAEL secures $1 billion for solar, biomass projects              


SAEL, an Indian renewable energy company, has secured $1 billion from financial institutions, including Norfund, DFC, Asian Development Bank (ADB), and Tata Cleantech, to finance its renewable energy portfolio.

SAEL specializes in solar and waste-to-energy project development and also strives for backward integration with the setting up of 2.3 GW of solar panel manufacturing capacity in Rajasthan and Punjab.

The company said it will use the funding to expand its solar and biomass projects, capitalizing on the conducive market potential and government schemes in the renewable energy sector.

SAEL plans to complete capital expenditure of INR 15,000 crore in FY 2025 and execute 2-2.5 GW of renewable capacity every year to reach its 10 GW target in the next four years.

SAEL has built a renewable portfolio of 2.7 GW to date and is the largest waste-to-energy producer in India, employing state-of-the-art European technology. The company also has more than 20 solar projects across the Indian states of Gujarat, Uttar Pradesh, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Mizoram and Punjab.

“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,” said Norfund CEO Tellef Thorleifsson.

US Deputy Chief of Mission Patricia Lacina said, “DFC’s Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes.” SAEL chairman and managing director Jasbir Singh said, “These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India.

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