SAEL Secures $132 Million Investment from NDB, AIIB & Societe Generale for Andhra Pradesh Solar Project

SAEL Solar MHP1 Pvt. Limited, a subsidiary of SAEL Industries Ltd., has secured $132 million in debt financing from three major global financial institutions: the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB), and Societe Generale. Each of these institutions has committed $44 million to support the development of a solar power project in Andhra Pradesh, India.

The project was awarded through a competitive auction organized by the Solar Energy Corporation of India (SECI). The funds will be used to execute and operationalize the solar power project, supporting India’s goals for expanding renewable energy and strengthening clean energy infrastructure in Andhra Pradesh.

SAEL Industries Ltd. has a broad presence in the renewable energy sector across India, with a portfolio exceeding 6.5 gigawatts (GW) of solar independent power producer (IPP) projects, including both operational and in-development assets. The company also owns solar module manufacturing facilities with a total capacity of 3.5 GW, employing advanced TOPCon technology, which enhances its vertical integration capabilities.

Laxit Awla, CEO, SAEL Industries Ltd., said in a statement, “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, Societe Generale India, mentioned, “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.”

In addition to solar energy, SAEL operates an agricultural waste-to-energy business. It processes nearly 2 million tonnes of agricultural residue annually through 11 plants located in Punjab, Haryana, and Rajasthan, contributing to pollution reduction efforts. As an integrated renewable energy company, SAEL manages its own Engineering, Procurement, and Construction (EPC), Operations and Maintenance (O&M), and manufacturing operations.