New Delhi: SAEL Solar MHP1 Pvt. Limited, a subsidiary of SAEL Industries Ltd., a clean energy company, has secured a debt finance amounting to of US$132 million from three global financial institutions — Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale for development of a solar power project in Andhra Pradesh.
Each institution has committed US$44 million debt funding towards the project, which was awarded through a competitive auction conducted by the Solar Energy Corporation of India (SECI). The investment will be utilized towards the execution and operationalization of the project, in alignment with India’s renewable energy objectives and the ongoing development of clean energy infrastructure in Andhra Pradesh.
Laxit Awla, CEO, SAEL Industries Ltd. said, “These funds represent a major development for SAEL Industries as we continue our efforts to deliver sustainable clean energy solutions that facilitate India’s transition to a low-carbon future. The support from these institutions reflects confidence in our technical expertise and financial credibility to execute energy infrastructure. We are aligned with the state’s mission to drive forward the clean energy transition and economic development in Andhra Pradesh with this solar project.”
“By supporting SAEL solar project, Societe Generale is committed to enabling solutions that will create value for communities and the broader energy ecosystem, helping India achieve its goals of renewable energy generation adoption” said Dr. Katan Hirachand, Chief Executive Officer, Societe Generale India.
SAEL’s business spans solar and agri waste-to-energy projects across India. It has a portfolio of 6.5+ GW of Solar IPP projects, including both operational and under-development assets across India. The company operates solar module manufacturing facilities totalling a capacity of 3.5GW, utilizing TOPCon technology, further enhancing its vertical integration. SAEL also operates an agri waste-to-energy business, processing nearly 2 million tonnes of agricultural residue annually through 11 plants across Punjab, Haryana and Rajasthan, aimed to help combat pollution.
SAEL is an integrated renewable energy company with in-house Engineering Procurement and Construction (EPC), Operations and Maintenance (O&M), and manufacturing capabilities.
