SAEL to commission 2.5 GW solar capacity by FY26; eyes IPO amid limited waste-to-energy pipeline
Mumbai:
SAEL
, Delhi-based
waste-to-energy
firm, is planning to commission 3 gigawatts (GW) of
solar capacity
by the end of FY26, as it doubles down on solar energy amid limited opportunities in waste-to-energy, CEO Laxit Awla told ETEnergyWorld in an interview.
'We will be adding a total capacity of 2.5 GW (DC) in this year's time, this includes a solar project at Khavda of the size 1 GW, another 500 MW in Gujarat, 800 MW in Andhra Pradesh and 290 MW in Rajasthan,' Awla said.
He added that this, with the already installed 500 MW capacity, would enable them to cross the 3-GW installed capacity mark.
'Project finance is already closed for all of these projects, with a mix of national and international DFIs and traditional banks,' he said.
The company, which operates in both biomass and solar energy, is also preparing for an
initial public offering
(IPO) within the next 12 months to fund future growth, Awla said, while declining to specify the size or timing of the offering.
'We're preparing to file our DRHP soon. The market sentiment is strong, and growth capital through equity is a logical step forward,' said Awla.
SAEL currently has 6.7 GW of committed solar capacity, with 3 GW expected to be operational by FY26. The company follows a standard 75:25 debt-to-equity financial structure, Awla added.
The IPO-bound company is expanding its footprint in the solar sector through large-scale utility projects, supplying power to government-backed entities such as SECI, NTPC, GUVNL, and SJVN. The company currently operates 3.3 GW of module manufacturing capacity using advanced Topcon technology and plans to develop an integrated 5 GW cell-to-module manufacturing facility in the next two years.
'The solar business is where the scale lies today. We want to be one of the few fully integrated players—from IPP to cell and module manufacturing,' Awla said.
Waste-to-energy: High ESG value, but growth lags
Despite being an early mover in paddy stubble-based
biomass power
, SAEL sees fewer immediate expansion opportunities in waste-to-energy. The company operates 165 MW of biomass plants using paddy stubble — one of the key contributors to northern India's winter air pollution.
'Waste-to-energy is highly impactful from an ESG standpoint and commercially viable, but government awareness and project pipelines remain limited. We're ready to scale up if more bids come in,' said Awla.
Each waste-to-energy plant employs roughly 300 direct and 2,000 indirect workers and helps eliminate about two million tonnes of stubble annually, about 0.2 million tonnes per plant, he added.
Awla said the waste-to-energy segment faces challenges including lack of policy clarity, high capex, and an overemphasis on per-unit electricity costs in government tenders. He emphasized the need to move away from a 'lowest tariff' mindset and toward integrated renewable solutions for round-the-clock power.
'India is rightly moving towards solar-plus-storage and hybrid RE models. Grid stability and power supply, not just cheap units, should be the priority,' Awla said.
SAEL has solar projects under development across Andhra Pradesh, Gujarat, and Karnataka, and has executed complex installations even in remote regions like Mizoram, Awla said, countering the perception that the company is primarily north India-focused.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
31 minutes ago
- First Post
The Deng doctrine: How China weaponises rare earths to gain leverage in trade war with the US
China has signalled for more than 15 years that it was looking to weaponise areas of the global supply chain, a strategy modelled on longstanding American export controls Beijing views as aimed at stalling its rise. read more China has long indicated its intention to weaponise parts of the global supply chain—a strategy now visibly playing out through tighter control of rare earth exports. Modelled on longstanding US export restrictions that Beijing believes are designed to limit its technological rise, China is now turning similar tools to its own advantage. The recent rush by companies to secure export licences for rare earth materials, culminating in a phone call between US President Donald Trump and Chinese President Xi Jinping on Thursday, highlights how Beijing has refined a powerful lever in the ongoing trade war. STORY CONTINUES BELOW THIS AD Industry experts say China may approve more shipments in the near term but it has no plans to dismantle the new system underpinning those approvals. Instead, China's new export licensing regime, closely mirroring the US model grants the government deeper visibility into global supply chokepoints including critical sectors such as electric vehicle motors and precision systems used in missiles. This level of control offers Beijing a potent means to retaliate in the trade dispute while asserting dominance in strategically vital markets. China sharpens rare earth export controls in trade war playbook As relations between the two countries sour and supply chains fracture, both Washington and Beijing appear determined to shift from broad tariffs to more focused, technical barriers—ones that could have lasting implications for industries worldwide. 'China originally took inspiration for these export control methods from the comprehensive U.S. sanctions regime,' Zhu Junwei, a scholar at the Grandview Institution, a Beijing-based think tank focused on international relations told Reuters. 'China has been trying to build its own export control systems since then, to be used as a last resort.' After a phone call with Chinese President Xi Jinping, President Trump said the two leaders were 'straightening out some of the points,' particularly regarding rare earth magnets—key components in electric vehicle (EV) motors and high-tech weaponry. But Trump did not confirm whether Beijing had agreed to speed up export licensing, a sticking point since Washington imposed restrictions on chip design software and jet engines over what it calls China's deliberate slow-walking of approvals. China, which holds a near-monopoly on rare earth magnets, added some of the most advanced types to its export control list in April. The move forces all exporters to seek government licences before shipping these materials, turning a once-obscure division of the commerce ministry—staffed by around 60 people—into a powerful gatekeeper of global manufacturing. STORY CONTINUES BELOW THIS AD The export curbs, part of a broader retaliation package against US tariffs, have had ripple effects well beyond the US. Several European auto parts manufacturers were forced to shut down production lines this week after exhausting their supply of rare earth magnets, underscoring the global reach of Beijing's measures. Though China's commerce ministry has not publicly commented on the issue, analysts say the blanket controls offer Beijing both leverage in its trade war with Washington and a strategic tool to reshape global supply chains in its favour. 'Beijing has a degree of plausible deniability – no one can prove China is doing this on purpose,' Noah Barkin, senior adviser at Rhodium Group, a China-focused U.S. thinktank told Reuters. 'But the rate of approvals is a pretty clear signal that China is sending a message, exerting pressure to prevent trade negotiations with the U.S. leading to additional technology control.' China mines about 70% of the world's rare earths but maintains a near-monopoly on refining and processing, giving it a powerful position in global manufacturing. Even if export approvals accelerate, as U.S. President Donald Trump indicated after a call with President Xi Jinping, Beijing's new licensing system offers it unprecedented visibility into how companies use these critical materials. STORY CONTINUES BELOW THIS AD European and U.S. executives warn that by forcing exporters to apply for licences, China's government can now closely monitor supplier chokepoints in sectors ranging from electric vehicles to advanced weaponry, oversight that other governments lack due to the complexity of global supply chains. Hundreds of Japanese companies are expected to need Chinese export approvals for rare earth magnets in the coming weeks, a person lobbying on their behalf told Reuters. Without timely licences, they risk production disruptions, underscoring how Beijing's new trade tools could reshape access to materials essential to modern industry. 'It's sharpening China's scalpel,' said a US-based executive at a company seeking to piece together an alternative supply chain who sought anonymity. 'It's not a way to oversee the export of magnets, but a way to gain influence and advantage over America.' China's export controls deepen as fears grow over weaponisation of supply chain power Fears that China could weaponise its dominance in critical supply chains first emerged in 2010, when it briefly halted rare earth exports to Japan during a territorial dispute. But those concerns have intensified in recent years as Beijing sharpens its trade tools and broadens export restrictions across strategic sectors. As far back as 1992, former Chinese leader Deng Xiaoping noted, 'The Middle East has oil, China has rare earths.' That sentiment has shaped policy: in 2020, China passed a sweeping Export Control Law allowing it to restrict exports of any items deemed vital to national security, including materials, technology and data. STORY CONTINUES BELOW THIS AD Since then, China has built up its own sanctions arsenal in response to U.S. restrictions, investing heavily in alternative supply chains while tightening its grip on key exports. In 2022, the United States imposed broad curbs on chip and semiconductor tool exports to China, aiming to slow the country's military and AI advancements. But analysts say Beijing has continued to make headway despite those barriers. In retaliation, China has steadily expanded its export controls. Last year it imposed licensing requirements for gallium, germanium, and certain graphite products—vital inputs for defence, electronics, and green technologies. Shipments of these minerals to the U.S. were banned outright in December. Then in February, China added five more metals to its control list. Now, following a phone call between Donald Trump and Xi Jinping, attention has turned to whether China will ease its latest rare earth export curbs. But analysts warn of a lack of transparency. 'It's virtually impossible to know what percentage of requests for non-military end users get approved because the data is not public and companies don't want to publicly confirm either way,' said Cory Combs, an analyst at China-focused consultancy Trivium. STORY CONTINUES BELOW THIS AD The opaqueness of Beijing's process and its expanding powers over chokepoint materials are reinforcing Western concerns that supply chains are becoming geopolitical battlegrounds. With inputs from agencies
Time of India
34 minutes ago
- Time of India
Green fuel: UAE retail giant LuLu now runs delivery fleet with biodiesel from used cooking oil
LuLu's delivery trucks and vans run on biodiesel refined from used cooking oil collected across its UAE stores/ Image courtesy: Gulf News LuLu Group, one of the UAE's largest retail chains, has begun powering its delivery fleet with biodiesel made from used cooking oil collected across its stores. This move is part of the company's broader sustainability strategy and supports the UAE's national vision of net-zero emissions by 2050. The initiative is the result of a strategic partnership with UAE-based clean energy company Neutral Fuels, which processes the used cooking oil into biodiesel. This low-emission fuel is now powering an increasing share of LuLu's delivery trucks, directly reducing greenhouse gas emissions on UAE roads. In a statement, LuLu Group said, ' This proves that practical, everyday actions can lead to measurable environmental benefits without compromising efficiency or service.' How the biodiesel is made: From waste to fuel The process begins with collecting used cooking oil from LuLu's in-store kitchens, restaurants, food courts, and catering partners. The oil is filtered to remove food residues and then sent to processing plants where it undergoes transesterification, a chemical reaction involving methanol and a catalyst. This reaction produces two byproducts: biodiesel, and glycerin. Unlike conventional diesel, biodiesel made through this method is biodegradable and emits fewer harmful pollutants. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's What a 6-Hours Gutter Upgrade Should Cost You LeafFilter Partner Undo According to LuLu, their fleet mostly uses blends of biodiesel to balance fuel performance and emissions reduction. The advantages are clear: Lower Carbon Emissions : Because the oil originates from plants, its carbon output is largely offset by the carbon those plants absorbed, contributing to a near carbon-neutral cycle. Less Air Pollution: It significantly reduces sulfur oxides, carbon monoxide, and particulate matter—key urban pollutants. Waste Management: It repurposes a major waste stream that would otherwise contaminate water or soil. Economic & environmental gains with nationwide impact Beyond the environmental benefits, the program has economic implications. By building a biodiesel supply chain, collection, cleaning, processing, and distribution, LuLu helps generate local green jobs. It also reduces reliance on fossil fuels, contributing to the UAE's energy security. LuLu's fleet plays a crucial logistics role across the UAE, transporting goods daily in dense urban areas. Switching to biodiesel has directly cut emissions in these high-traffic zones, making a noticeable difference in air quality and environmental impact. However, the path hasn't been without hurdles: Supply Volume Constraints: Collecting enough used oil consistently is a logistical challenge. Infrastructure: Expanding processing capabilities requires investment. Vehicle Compatibility: Not all engines are optimized for high biodiesel blends. LuLu is addressing these issues by investing in research, building strategic partnerships, and ensuring quality standards are rigorously met before the fuel is used. LuLu's broader green vision Biodiesel is just one pillar of LuLu's Environmental, Social, and Governance (ESG) efforts. Other key initiatives include: Plastic Waste Reduction: Over 90% reduction in plastic bag usage across stores, replaced by reusable alternatives. Reverse Vending Machines: Installed in stores to encourage customers to recycle plastic bottles and cans, rewarding participation. Green Logistics: Use of energy-efficient, green chiller vehicles for transporting fresh food, maintaining both food safety and emission reduction. Eco Packaging: Rollout of biodegradable and reusable packaging. Energy Efficiency: Adoption of energy effecient lighting and refrigeration across stores. Community Outreach: Programs that promote environmental education and responsible consumption among customers and employees. These programs reflect LuLu's long-term commitment to environmental stewardship and community awareness. A model for UAE's renewable future The UAE government has placed sustainability at the core of its Vision 2030 and 2050 Net Zero Strategy. Biodiesel from used cooking oil aligns with national priorities by enabling a circular economy and reducing emissions from key sectors like transport and retail. As the infrastructure for biodiesel grows and public awareness improves, other companies may follow LuLu's lead. The LuLu-Neutral Fuels model is not just a corporate initiative, it's a proof of concept for how sustainability and business efficiency can work hand in hand.
&w=3840&q=100)
Business Standard
41 minutes ago
- Business Standard
Little Caesars enters India with first outlet in Delhi-NCR this month
Little Caesars, a Detroit, Michigan-based world's third largest pizza chain, is entering the Indian market. India -- one of the fastest growing quick service restaurant markets -- will be the 30th market for Little Caesars, which is also the world's largest family-owned pizza chain, for which it has roped in Harnessing Harvest as its franchise partner. It has planned to open its first outlet in Delhi-NCR in this month, with plans for additional locations to follow, according to a statement from the company. "Launching in India marks an exciting milestone for Little Caesars as we expand into our 30th country. With our delicious pizzas and unbeatable value, we're eagerly anticipating introducing a unique menu that we believe will captivate India," said Paula Vissing, President, Global Retail, Little Caesars Pizza. Its entry into India market reflects the brand's commitment to global growth, bringing its signature menu and exceptional value to a new market, it said. Recently, Little Caesars has launched in markets such as Cambodia and Kuwait as part of its global expansion. Little Caesars, was founded by Mike and Marian Ilitch as a single, family-owned restaurant in 1959 and is headquartered in downtown Detroit, Michigan. The brand is known for its 'hot-n-ready' pizza, crazy puffs, and famed crazy bread in the US market. Its franchise partner, Harnessing Harvest, has nearly nine decades of operations in the Indian food and hospitality industry. According to a report from IMARC Group, the Indian pizza market size reached USD 5.3 billion in 2024. Looking forward, it expects the market to reach USD 11.8 billion by 2033, exhibiting a growth rate (CAGR) of 9.24 per cent during 2025-2033. The Indian pizza market is led by global QSR brands as Domino's, Pizza Hut operated by their local franchise partners. Besides, several home-grown brands such as La Pino'z, Brik Oven, BOCS Pizza, etc, are also key players in the market.
