India’s largest waste-to-energy producer, SAEL, has successfully issued AA-rated bonds worth approximately $161 million (Rs 1,325 crore).
The bonds were subscribed by a consortium of four leading institutions, including India Infradebt, Aseem Infrastructure Finance, TATA Cleantech Capital, and Kotak Infrastructure Debt Fund.
The long-term financing, which matures in 2033, is denominated in rupees. SAEL’s green energy initiatives will receive a significant boost from the proceeds of the secured, unlisted, rated, redeemable, Non-Convertible Debt Securities (NCDs). Barclays acted as the sole arranger and structuring agent for the issuance.
SAEL has a presence across solar and agri waste-to-energy projects and is an emerging renewable company. The company collects crop stubble and uses it as fuel in its waste-to-energy plants situated in Punjab, Haryana, and Uttar Pradesh. Each year farmers in northern India burn crop stubble in their fields to remove paddy residue, resulting in severe air pollution with devastating health effects in the region.
SAEL is utilising this agricultural waste to produce renewable power around the clock. The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually. Laxit Awla, CEO of SAEL, stated that they aim to combat one of India’s greatest health issues while creating local employment and generating additional income for farmers and local entrepreneurs.
