Latest news with #SAELSolarP6PrivateLimited
Time of India
6 days ago
- Business
- Time of India
UP nod to Rs8k cr solar park
Noida: Yamuna Expressway Industrial Development Authority (YEIDA) is planning to set up a solar plant on 200 acres in Sector 8 along the Yamuna Expressway. The state govt has approved a proposal by SAEL Solar P6 Private Limited to set up an integrated facility with a manufacturing capacity of 5 GW solar cells and 5 GW solar modules. Tired of too many ads? go ad free now The project will come up at an estimated cost of Rs 8,200 crore. SAEL Industries Limited, the parent company, is an integrated renewable energy firm that deals in providing affordable, sustainable, and clean energy. The integrated solar manufacturing project, being executed by its subsidiary Sael Solar P6 Pvt Ltd, will increase the company's total solar module manufacturing capacity to 8.5 GW. The plant will produce tunnel oxide passivated contact (TOPCon) solar cells, which will be assembled into solar panels on an in-house module manufacturing line. According to a YEIDA official, the project has been classified under the ultra mega category, reserved for investments of Rs 3,000 crore or more. "This will be a completely new greenfield project in the area and is among the largest investments received so far," the official added. On Feb 24, YEIDA issued a Letter of Intent (LOI) to the company and forwarded the proposal to the state govt. On July 10, Invest UP granted a Letter of Comfort approving the proposal, after which YEIDA expedited the land allotment process and is expected to formally hand over the 200-acre plot within this month. Company representatives have already visited the YEIDA office to discuss documentation and other formalities, officials said. "This project is expected to give a major boost to the solar sector and generate employment for around 2,500 people in the region. The state govt has started the process to allot land based on the Letter of Comfort issued," said a YEIDA official. SAEL Solar currently has over 6.7 GW of solar projects across India, including both operational and under construction, and an existing capacity to manufacture 3.5 GW of TOPCon solar modules. The integrated facility in Yamuna City will manufacture solar cells, which use photovoltaic technology to directly convert sunlight into electricity, starting from silicon wafers with specialised coatings and electrodes.
Time of India
14-07-2025
- Business
- Time of India
SAEL to invest ₹8,200 crore in 10 GW solar manufacturing facility in Greater Noida
New Delhi: SAEL Industries Limited, through its subsidiary SAEL Solar P6 Private Limited, will invest ₹8,200 crore to establish an integrated solar cell and module manufacturing facility under the Yamuna Expressway Industrial Development Authority (YEIDA), taking the company's total solar manufacturing capacity to 8.5 GW. The plant, to be located in Greater Noida , will include a 5 GW solar cell manufacturing unit and a 5 GW module manufacturing line. Construction of the facility is scheduled to begin in 2024. Uttar Pradesh Chief Minister Yogi Adityanath handed over the Letter of Comfort to SAEL Director and Co-Founder Sukhbir Singh Awla. 'Uttar Pradesh is charting a bold and aggressive path towards renewable energy, setting an ambitious target of generating green energy. Projects like the one undertaken by SAEL's ₹8,000 crore are vital to achieving this. This is the future, and Uttar Pradesh is ready to lead," the Chief Minister said. Commenting on the project, Sukhbir Singh Awla said, 'We thank the Government of Uttar Pradesh for entrusting and facilitating SAEL Industries Ltd. to establish a solar manufacturing facility . This facility will be a major leap for scaling our manufacturing capabilities and reinforcing our contribution to the future of solar manufacturing in India.' The upcoming plant will manufacture Tunnel Oxide Passivated Contact (TOPCon) solar cells. These will be assembled into modules at the in-house line. The project supports SAEL's backward integration strategy to serve its solar Independent Power Producer (IPP) business and contribute to the domestic solar value chain. SAEL has a total of 6.7+ GW of Solar IPP assets, including operational and under-construction projects across India. The company already has a 3.5 GW TOPCon module assembly capacity—3.2 GW in Rajasthan and 300 MW in Punjab.
Hindustan Times
24-05-2025
- Business
- Hindustan Times
Invest UP case: Court grants bail to key accused
Nikant Jain, a key accused in the solar plant bribery case, has been granted bail by the court of Special Judge, Prevention of Corruption Act. The court of additional district judge, Prevention of Corruption Act, granted bail to Nikant Jain on Thursday (May 22). The order is yet to be uploaded on the court's website. The court ordered Jain to furnish a bail bond and a personal surety of ₹2 lakh each. According to the prosecution, Nikant Jain allegedly demanded a bribe of ₹5 crore from a company in exchange for approving a solar cell and solar equipment manufacturing unit in Uttar Pradesh through Invest UP. The bribe was allegedly demanded on behalf of a senior IAS officer, Abhishek Prakash, who was the CEO of Invest UP at the time. Jain was arrested on March 20 after the case came to light and was sent to jail. However, the alleged bribe amount was not recovered from him. His lawyer argued that he was not a public servant, and therefore, the provisions of the Prevention of Corruption Act did not apply to him. The lawyer also claimed that the police did not have any concrete evidence against Jain and that he was not found to be involved in the alleged crime. Since the bribe amount was not recovered from Nikant Jain, the court granted him bail. A chargesheet was filed against Jain on May 19 under sections 308(5) of the Bharatiya Nyaya Sanhita (BNS) and sections 8 and 12 of the Prevention of Corruption Act. The chargesheet relies heavily on witness statements and mobile call records. Jain was allegedly playing the role of a facilitator in executing the project in lieu of a kickback. An FIR was lodged at the Gomti Nagar police station against Jain under sections of BNS. The state government took action on the complaint lodged by the company, SAEL Solar P6 Private Limited. The FIR was lodged on the complaint of Vishwajeet Dutt, an employee of the company—SAEL Solar P6 Private Limited. In the complaint, Dutt pointed out that his company wanted to set up a plant in the state for manufacturing parts related to solar plant. For this project, the company submitted online and offline applications at the office of Invest UP at PICUP Bhawan, Gomti Nagar. The project was vetted by a committee of Invest UP and approved. According to the FIR, a senior official of Invest UP asked Dutt to contact one Nikant Jain and handed over his cell phone number. When Dutt contacted Jain over the phone, the latter allegedly demanded 5% of the total cost of the project as kickback. When Dutt refused, the project was again sent for re-evaluation by the Invest UP CEO. Chief minister Yogi Adityanath had on May 20 suspended Invest UP CEO Abhishek Prakash over allegations of seeking bribe in approving a solar power plant project and ordered a probe against him. The same day, the Lucknow police arrested Nikant Jain.
