SAEL Announces $1 Billion Capital Raise and Strategic Partnerships for Expanding Renewable Energy Portfolio

In a significant development for the Indian renewable energy sector, SAEL, a leading company specializing in solar and waste-to-energy projects, has successfully forged strategic partnerships and secured a capital raise of up to $1 billion. The announcement was made at an event in New Delhi, attended by dignitaries including the Hon’ble Ambassador of Norway, the Deputy Chief of Mission from the United States of America, and other esteemed guests. Major participants in the capital raise include Norfund, DFC, ADB, Tata Cleantech, along with other financial institutions.

The $1 billion capital raise is expected to play a pivotal role in SAEL’s ambitious plans, including completing a capital expenditure of ₹15,000 crore in the fiscal year 2025. The company aims to execute 2-2.5 gigawatts of renewable capacity annually, with the ultimate goal of reaching 10 gigawatts in the next four years. This substantial investment will be directed towards expanding SAEL’s solar and biomass projects, capitalizing on favorable market conditions and government schemes in the renewable energy sector.

SAEL has demonstrated remarkable growth over time, building a portfolio of 2.7 gigawatts, showcasing its steadfast commitment to sustainable energy solutions. The $1 billion partnership not only reflects the financial confidence bestowed upon SAEL by prestigious investors and institutions but also highlights the collective dedication to advancing the frontiers of renewable energy on a grand scale.

Commenting on the occasion, Norfund’s CEO, Mr. Tellef Thorleifsson, stated, “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.”

Ms. Patricia Lacina, Deputy Chief of Mission, Government of the United States of America, emphasized the shared vision between the United States and India in rapidly deploying clean energy at scale. She mentioned, “DFC’s Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes.”

Mr. Jasbir Singh, Chairman and Managing Director of SAEL, expressed his gratitude, stating, “This is a momentous occasion for SAEL and a testament to the hard work and dedication put in by the SAEL team. These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India. We are grateful for the trust and support of our investors and are committed to delivering on our goals to advance renewable energy initiatives. The company’s focus on solar and waste-to-energy projects aligns with India’s commitment to harnessing clean and green energy sources.”