SAEL Solar MHP1, a subsidiary of SAEL Industries Ltd., has successfully secured a debt financing package worth $132 million 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 of the institutions has committed $44 million towards the project, which was awarded to SAEL through a competitive auction conducted by the Solar Energy Corporation of India (SECI). The funds will be utilized for the execution and operationalization of the project, furthering India’s renewable energy targets and contributing to clean energy infrastructure in the state.
Commenting on the development, Laxit Awla, CEO of SAEL Industries, said, “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.”
Dr Katan Hirachand, Chief Executive Officer of Societe Generale India, added, “By supporting the 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.”
SAEL Industries is a fully integrated renewable energy company with a portfolio exceeding 6.5 GW of solar IPP projects across India, spanning both operational and under-development assets. The company also operates solar module manufacturing facilities with a total capacity of 3.5 GW, leveraging advanced TOPCon technology for enhanced efficiency and vertical integration.
In addition to its solar initiatives, SAEL runs a significant agri waste-to-energy business. The company processes nearly 2 million tonnes of agricultural residue annually through 11 plants across Punjab, Haryana and Rajasthan, a move aimed at reducing pollution caused by stubble burning and promoting sustainable waste management.
With in-house capabilities in Engineering, Procurement, and Construction (EPC), Operations and Maintenance (O&M), and manufacturing, SAEL continues to position itself as a key player in India’s green energy transformation.
