SAEL secures $132 million for 300 MW solar project in Andhra Pradesh

SAEL has secured $132 million in debt financing for the development of a 300 MW solar power project in Andhra Pradesh. The funding was secured from Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale with each committing $44 million to the project.

May 30, 2025 Uma Gupta

Image: Jadon Kelly/Unsplash

SAEL announced today that its arm, SAEL Solar MHP1, has secured $132 million in debt financing for the development of a 300 MW solar power project in Andhra Pradesh. The funding was secured from three global financial institutions—Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale—with each committing $44 million to the project.

SAEL won the project through a competitive auction conducted by the Solar Energy Corp. of India (SECI). The investment will support the execution and operationalization of the solar plant.

Laxit Awla, CEO of SAEL Industries Ltd, said, “These funds represent a major milestone for SAEL Industries as we continue to deliver sustainable clean energy solutions that support India’s transition to a low-carbon future. The support from these institutions reflects confidence in our technical expertise and financial strength to implement large-scale energy infrastructure.”

Katan Hirachand, Chief Executive Officer of Societe Generale India, added, “By supporting the SAEL solar project, Societe Generale is committed to enabling solutions that create value for communities and the broader energy ecosystem, helping India achieve its renewable energy goals.”

SAEL is an integrated renewable energy company with in-house capabilities in engineering, procurement, and construction (EPC), operations and maintenance (O&M), and manufacturing. Its portfolio includes over 6.5 GW of solar projects under the independent power producer (IPP) category, comprising both operational and under-development assets across India. The company also operates solar module manufacturing facilities with a combined capacity of 3.5 GW, equipped with TOPCon technology, and continues to enhance its vertical integration.

In addition to solar energy, SAEL operates an agri-waste-to-energy business, processing nearly 2 million tonnes of agricultural residue annually through eleven plants located in Punjab, Haryana, and Rajasthan.

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