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SAEL to Invest Rs 35,000 Crore in Renewable Expansion, Aims for 10 GW Capacity
Waste-to-energy manufacturer SAEL is planning a significant expansion with an investment of up to Rs 35,000 crore over the next two and a half years, aiming to increase its total capacity to 10 gigawatts across its various energy verticals. The company's Chief Investment Officer, Varun Gupta, discussed these ambitious plans.
Currently, SAEL has a renewable capacity of 6,500 megawatts, encompassing a range of projects such as ground-mounted solar, agricultural waste energy conversion, solar module manufacturing, and construction through its Engineering, Procurement, and Construction (EPC) business. Gupta emphasized the focus on expanding these existing projects to increase capacity.
Gupta elaborated on the company's financial strategy for its expansion. "By December 2025, we aim to invest around Rs 18,000 crores to expand our committed capacity of 4 gigawatts. This follows a successful $1 billion fundraising round completed in January 2024. We are preparing for another billion-dollar capital raise, consisting of both debt and equity, scheduled for June 2024", he stated.
SAEL has established strong partnerships with key financial institutions to support its growth plans. Gupta highlighted collaborations with organizations like the Asian Development Bank, India Infradebt, Tata Capital, Kotak, and Aseem Infra, which enable the company to navigate commercial risks effectively. These partnerships reflect SAEL's commitment to ensuring financial stability and compliance with international ESG (Environmental, Social, and Governance) standards.
Reflecting on the company's growth trajectory, Gupta noted, "We've grown from 400 megawatts in 2022 to 4 gigawatts in FY24—a tenfold increase. We plan to bid for an additional 3-5 gigawatts in the next eighteen months, aiming for a total installed capacity of 10 gigawatts by FY27".
SAEL is also exploring future ventures in solar with storage solutions and hydro projects, although the company remains focused on its four primary verticals. Gupta emphasized SAEL's commitment to bolstering its infrastructure and capacity to meet the rising demand for renewable energy solutions in India.
"We are laying the groundwork for a future where renewable energy becomes a dominant, sustainable force in the power grid", Gupta added, underscoring SAEL's dedication to innovation and sustainable development in the energy sector.
SAEL's plans to expand its operations and investment in renewable energy infrastructure highlight the company's role in advancing India's energy transition and supporting sustainable economic growth
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