The new Norwegian Climate Investment Fund, managed by Norfund, is investing about 500 crore INR in equity in SAEL, an Indian solar and agri waste-to-energy company. The investment will contribute to avoiding more than 2.8 million tons of CO2 emissions and improving air quality by reducing stubble burning.
SAEL has developed a business model where crop residues are used as fuel in waste-to-energy projects. SAEL is an emerging renewable company in India with presence across solar and agri waste to energy projects. SAEL is India’s largest agri waste to energy producers. SAEL currently has more than 20 projects both operating and under construction in solar and agri waste to energy space
The new Norwegian Climate Investment Fund, managed by Norfund, announced at an event in New Delhi that it is now investing equity in SAEL. The goal is to support the company’s ambition to grow its portfolio to 3GW over the next five years by adding 100MW of new biomass and 400MW of new solar capacity annually in addition to its existing portfolio of 600 MW.
The investment is estimated to contribute to the avoidance of more than 2.8 million tons of CO2 annually, based on the current Indian energy mix.
“We are thrilled to be able to contribute with the necessary financing for SAEL to reach its ambitions and contribute to reduce climate emissions and local pollution, while contributing to meet India’s energy needs”, says Mark Davis, EVP Renewable Energy in Norfund.
“This investment not only increases the access to clean energy and improves incomes for farmers but can also reduce stubble burning related air pollution. I am happy that Norway can contribute to this through our new climate investment fund,” says Norwegian Ambassador Hans Jacob Frydenlund.
