SAEL Solar secures $132 million funding for Andhra Pradesh solar project
SAEL Solar
MHP1 Pvt. Limited, a subsidiary of SAEL Industries Ltd., has secured $132 million in debt finance from the
Asian Infrastructure Investment Bank
(AIIB), New Development Bank (NDB), and Societe Generale for the development of a
solar power project
in Andhra Pradesh.
Each financial institution has committed $44 million towards the project, which was awarded under a competitive auction conducted by the Solar Energy Corporation of India (SECI). The funds will be directed towards the execution and operationalization of the project, aligning with India's
renewable energy
goals and the development of clean energy infrastructure in the state.
'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,' said Laxit Awla, CEO, SAEL Industries Ltd.
'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 Industries has a portfolio of over 6.5 GW of solar Independent Power Producer (IPP) projects, including operational and under-development assets across India. It operates solar module manufacturing facilities with a combined capacity of 3.5 GW, utilizing TOPCon technology.
The company also runs an agri waste-to-energy business, processing approximately 2 million tonnes of agricultural residue annually through 11 plants across Punjab, Haryana, and Rajasthan.
SAEL Industries is an integrated renewable energy company with in-house Engineering Procurement and Construction (EPC), Operations and Maintenance (O&M), and manufacturing capabilities.
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