New Delhi: SAEL, an Indian renewable energy firm specialising in solar and waste-to-energy projects, recently announced that it has successfully secured $1 billion in funds from leading financial institutions. The contributors include Norfund, DFC, ADB, and Tata Cleantech.
As outlined in a company statement, the investment will be directed towards expanding SAEL’s solar and biomass projects, leveraging the favourable market conditions and government incentives within the renewable energy sector. The announcement was made during a capital partnership event held in New Delhi, attended by the Ambassador of Norway and the Deputy Chief of Mission, United States.
The key participants in the capital raise were Norfund, DFC, ADB, and Tata Cleantech, alongside various other financial institutions. In addition to this financial infusion, SAEL revealed plans to achieve a capital expenditure of Rs 15,000 crore in the fiscal year 2025. The company aims to consistently execute 2-2.5 GW of renewable capacity each year, working towards its ambitious target of reaching 10 GW in the next four years.
US Deputy Chief of Mission Patricia Lacina stated, “DFC’s investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes.” SAEL’s 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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