Crisil Ratings has assigned higher ratings to five special purpose vehicles (SPVs) of SAEL Industries Ltd.
SAEL Solar P6 and SAEL Solar MFG operate solar PV module manufacturing facilities with annual capacities of 3.4 GW and 225 MW, respectively. SAEL RE Power (50 MW), SAEL Solar P4 (400 MW), and SAEL Solar MHP2 (300 MW) are solar independent power producer (IPP) companies operating utility-scale solar projects.
SAEL Solar P6 has been assigned a long-term rating of A- (Stable) and a short-term rating of A2+, representing a two-notch upgrade from its previous rating. SAEL RE Power has also received a long-term rating of A- (Stable). SAEL Solar P4 and SAEL Solar MHP2 have each been assigned long-term ratings of BBB+ (Stable). SAEL Solar MFG has been assigned a BBB+ (Stable) long-term rating and an A2 short-term rating, also reflecting a two-notch upgrade.
According to Crisil, the rating upgrades reflect revenue stability, adequate debt coverage metrics, and execution capabilities across SAEL’s solar power generation and PV module manufacturing operations.
SAEL Industries Ltd is an integrated renewable energy company with operations spanning agri waste-to-energy (WTE), utility-scale solar IPP projects, and solar PV module manufacturing. The company has a solar IPP portfolio of 8.3 GW (DC), including operational and under-construction projects, battery energy storage system (BESS) projects across India, and 3.6 GW of solar module manufacturing capacity. In the agri WTE segment, SAEL operates 150 MW, with an additional 15 MW under construction. The company is also developing an integrated 5 GW solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh.
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