Latest news with #LaxitAwla
Hans India
7 days ago
- Business
- Hans India
SAEL secures $132 million from global lenders for 300 MW solar project in Andhra Pradesh
SAEL has announced a major financing milestone, with its subsidiary SAEL Solar MHP1 securing $132 million in debt funding for a 300 MW solar power project in Andhra Pradesh. The funding comes equally from three international financial institutions—Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale—each contributing $44 million. The project was awarded to SAEL through a competitive bidding process conducted by the Solar Energy Corporation of India (SECI). The secured funds will go toward the development, execution, and commissioning of the solar facility. Laxit Awla, CEO of SAEL Industries Ltd., remarked, 'This funding marks a significant step for SAEL as we continue to build on our commitment to clean and sustainable energy. The backing from these reputed global institutions validates our technical expertise and financial capability to deliver utility-scale renewable projects.' Echoing the sentiment, Katan Hirachand, CEO of Societe Generale India, said, 'Our involvement in this project aligns with our goal to support transformative energy solutions that benefit both communities and India's renewable energy ambitions.' SAEL is a fully integrated renewable energy company, with in-house expertise across engineering, procurement, and construction (EPC), operations and maintenance (O&M), and module manufacturing. The company boasts a 6.5 GW solar project portfolio, both operational and under development, and operates solar module manufacturing units with a combined 3.5 GW capacity, using TOPCon technology. Beyond solar, SAEL is also actively involved in the agri-waste-to-energy sector, operating eleven plants in Punjab, Haryana, and Rajasthan, processing nearly 2 million tonnes of agricultural residue annually. This financing round strengthens SAEL's position as a key player in India's energy transition, pushing the nation closer to its clean energy targets.
United News of India
7 days ago
- Business
- United News of India
SAEL secures USD 132 millions for AP solar project
New Delhi, May 30 (UNI) SAEL Solar MHP1 Pvt Ltd, a subsidiary of SAEL Industries Ltd, on Friday announced that it has secured USD 132 million in debt financing from three global financial institutions — the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB), and Societe Generale — for the development of a solar power project in Andhra Pradesh. Each institution will contribute USD 44 million, the company said, adding that the funding will support project execution and operationalisation in line with India's renewable energy targets. The project was awarded under a competitive auction process conducted by the Solar Energy Corporation of India (SECI). "This is a significant milestone for SAEL Industries as we remain focused on delivering clean energy solutions to power India's low-carbon transition," said Laxit Awla, CEO of SAEL Industries Ltd. "This investment affirms the faith global institutions have in our capabilities and financial strength." Dr Katan Hirachand, CEO of Societe Generale India, said the institution is "committed to enabling solutions that will create value for communities and help India accelerate its renewable energy adoption." SAEL operates a portfolio of over 6.5 GW in solar Independent Power Producer (IPP) projects across India and manages solar module manufacturing capacity of 3.5 GW, using advanced TOPCon technology. It also runs 11 agri waste-to-energy plants in Punjab, Haryana and Rajasthan, processing around 2 million tonnes of agricultural residue annually to combat pollution. The company has integrated capabilities across engineering, procurement and construction (EPC), operations and maintenance (O&M), and manufacturing. UNI BDN ARN
Time of India
7 days ago
- Business
- Time of India
SAEL Solar secures $132 million funding for Andhra Pradesh solar project
New Delhi: 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.
Time of India
21-05-2025
- Business
- Time of India
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.
Mint
18-05-2025
- Business
- Mint
IPO-bound SAEL to venture into solar cells with a ₹5,000 crore plant in UP
New Delhi: Norfund-backed clean energy firm SAEL Ltd plans to establish a solar cell manufacturing plant in Uttar Pradesh at a projected investment of ₹5,000 crore. The Delhi-headquartered IPO-bound company is looking to set up an integrated solar cell and module manufacturing facility with a capacity to produce 5 gigawatt (GW) of solar cells annually, chief executive Laxit Awla told Mint in an interview. 'We are about to begin implementation of the cell manufacturing project in the next few months. It (solar cell manufacturing capacity) will be 5 GW approximately. We have module manufacturing in Rajasthan. This will be in UP, Greater Noida. So approximate investment should be around ₹5,000 crore," Awla said. The Union government has included solar cells under the ambit of the renewable energy ministry's approved list of models and manufacturers with effect from June 2026, effectively allowing only those suppliers featured in the list to supply solar cells for government-backed projects. SAEL currently has a 3 GW capacity plant in Rajasthan to manufacture solar modules—panels of connected solar cells—and another 0.3 GW capacity in Punjab, employing around 1,500 people. It has so far incurred a capital expenditure of ₹600 crore for module manufacturing, Awla said. SAEL will also look at manufacturing other components used in manufacturing solar modules, such as wafers and ingots, depending on government policy and domestic market requirements, he added. SAEL's IPO plans On SAEL's fundraising plans, Awla confirmed media reports that the company was planning an initial public offering of its shares in 12 months and that it had appointed merchant bankers for the IPO. 'IPO today is one of the most conducive ways of raising funds, which is why in the past two years the market has picked up. Now obviously, we have other options available as well, private placement, private equity. So all these are probable fundraising scenarios," Awla said. 'Having said that, we are focusing on IPO majorly right now because the market is good and I think we intend to achieve this milestone at this point of time." In January last year, the company raised $1 billion from investors including Norway investment fund Norfund, DFC, ADB, and Tata Cleantech. Indian solar equipment makers were hoping to gain acompetitive global advantage after US President Donald Trump announced reciprocal trade tariffs on almost all countries last month. The current tariff rate on Indian solar exports to the US stands at 14%, which is lower than the tariffs imposed on products from China, the world's largest manufacturer of solar panels and other related equipment. India is targeting 500GW of non-fossil capacity by 2030. Last month, Union minister for new and renewable energy, Pralhad Joshi, said India added about 25 GW of renewable energy capacity in 2024-25, the highest ever green power capacity addition in a year, registering a nearly 35% growth from the previous fiscal year. Of the 25 GW of renewable energy capacity added in FY25,solar power capacity comprised 21 GW. Tight competition Apart from manufacturing solar modules and cells, SAEL plans to add at least 8 GW of battery integrated solar capacity over the next four years, taking the company's cumulative solar-based power-generation capacity to about 15 GW. 'It's currently over 6.5 gigawatt. We are looking at a committed capacity of 15 GW in the next 3-4 years," Awla said, adding that going ahead SAEL's solar projects would be integrated with battery energy storage systems. SAEL is also present in the waste-to-energy space with 11 biomass plants in Punjab, Haryana, and Rajasthan, with cumulative paddy-to-energy generation capacity of 165 MW. In the overall renewable energy space, SAEL faces competition from private sector giants such as Tata Power Ltd, Reliance Power Ltd,ReNew Energy Global Plc., andSembcorp Industries. Last week, Tata Power reported a nearly40% year-on-year increase in fourth-quarter operational earnings driven in part by higher margins from its newly commissioned solar cell manufacturing facility. Also last week, Reliance NU Energy, a subsidiary of Reliance Power, announced that it had secured a350 MW solar power project integrated with a 175 MW/700 MWh battery energy storage system through a competitive bidding process conducted by state-run SJVN Ltd. Earlier in May, Reliance NU Suntech, another Reliance Power subsidiary, signed a 25-year power purchase agreement with state-run Solar Energy Corporation of India to developAsia's largest single-location integrated solar and battery energy storage system project.
