SAEL Secures $1 Billion Capital for Renewable Energy Portfolio

By siliconindia  |  Wednesday, January 24, 2024

SAEL Secures $1 Billion Capital for Renewable Energy Portfolio
SAEL, a renewable energy company, has announced the acquisition of $1 billion in funding from diverse financial institutions, including Norfund, DFC, ADB, and Tata Cleantech, to support its renewable energy endeavors. The funds will be allocated towards the expansion of the company's solar and biomass projects, leveraging the favorable market conditions and government initiatives in the renewable energy sector, as indicated in a company statement.
As per the announcement, SAEL, an Indian renewable energy firm focusing on solar and waste-to-energy initiatives, disclosed the establishment of partnerships and successful financial closure, securing a total capital of up to USD 1 billion during an event held in New Delhi. The gathering included notable attendees such as the Ambassador of Norway, Deputy Chief of Mission from the United States, and other dignitaries. Primary contributors to the capital raise included Norfund, DFC, ADB, and Tata Cleantech, alongside additional participation from various financial institutions.
Alongside the revelation of the USD 1 billion partnership, SAEL has outlined its intentions to achieve a capital expenditure of Rs 15,000 crore in the fiscal year 2025. The company also aims to implement 2-2.5 gigawatts of renewable capacity annually, working towards its ambitious target of reaching 10 gigawatts within the next four years, as indicated in its statement. "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", Norfund CEO Tellef Thorleifsson said in the statement.
US Deputy Chief of Mission Patricia Lacina said in the statement, "DFC's Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes". SAEL Chairman and Managing Director Jasbir Singh said, "These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India".

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