SAEL raises $1 billion to advance its renewable energy portfolio

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SAEL raises $1 billion to advance its renewable energy portfolio

SAEL raises $1 billion to advance its renewable energy portfolio

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Jan 24,24

SAEL, a prominent Indian renewable energy company specializing in solar and waste-to-energy projects, announced the successful forging of partnerships and securing capital raise totalling up to $1 billion at an event in New Delhi attended by the Ambassador of Norway, Deputy Chief of Mission, United States of America and other dignitaries. Norfund, DFC, ADB, Tata Cleantech are the major participants in the capital raise besides other financial institutions.

In addition to the $1 billion partnership announcement, SAEL has plans to complete capital expenditure of Rs 15,000 crore in FY 25 and execute 2-2.5 GW renewable capacity every year to reach its target of 10 GW in the next 4 years. This substantial investment will be utilized to expand the company's solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector.

Over the course, SAEL has demonstrated unparalleled growth, building a portfolio of 2.7 gigawatts, which is a testament to the company's steadfast commitment to sustainable energy solutions. The $1 billion partnership signifies not only the financial confidence bestowed upon SAEL by prestigious investors and institutions but also underscores the collective dedication to advancing the frontiers of renewable energy on a grand scale.

Speaking on the occasion, Norfund’s CEO, Tellef Thorleifsson said, “We have been thrilled to partner with SAEL for the past year, and we are happy to be able to further finance the company’s effort to reach its ambitious targets for increasing its renewable energy capacity, in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund.”

Deputy Chief of Mission, Government of the United States of America, Patricia Lacina said, “As climate action and clean energy leaders, the United States and India share a common and ambitious vision to rapidly deploy clean energy at scale. DFC’s Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes”

Jasbir Singh, Chairman and Manging Director of SAEL said "This is a momentous occasion for SAEL and a testament to the hard work and dedication put in by the SAEL team. These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India. We are grateful for the trust and support of our investors and are committed to delivering on our goals to advance renewable energy initiatives. The company's focus on solar and waste-to-energy projects aligns with India's commitment to harnessing clean and green energy sources.”