SAEL Signs Power Purchase Agreements To Deliver 880 MW Solar Capacity In Gujarat And Punjab

SAEL Industries Ltd. (SIL), an integrated renewable energy company, has signed two Power Purchase Agreements (PPAs) for large-scale solar photovoltaic (PV) power projects with a combined capacity of 880 MW (AC). The agreements cover 480 MW of capacity in Gujarat and 400 MW in Punjab, further expanding the company’s solar power generation portfolio.

In Gujarat, the projects will be developed through SAEL’s subsidiaries, SAEL Solar P Sixteen Private Limited and SAEL Solar P Seventeen Private Limited. The company has entered into a PPA with Gujarat Urja Vikas Nigam Limited (GUVNL) for a total capacity of 480 MW (AC). This includes an initial allocation of 240 MW and an additional 240 MW awarded under the greenshoe option.

The projects are expected to achieve scheduled commercial operation within 24 months from the signing of the agreement. Under the terms of the PPA, GUVNL will purchase the solar power generated at a tariff of ₹2.56 per kilowatt-hour (kWh) for a period of 25 years.

In Punjab, SAEL Solar P15 Private Limited has signed a PPA with Punjab State Power Corporation Limited (PSPCL) for a 400 MW (AC) solar PV power project. Similar to the Gujarat projects, the Punjab project is also expected to become fully operational within 24 months from the date of signing. PSPCL will procure the power generated from the project at a tariff of ₹2.97 per kilowatt-hour (kWh) for a period of 25 years.

Mr. Laxit Awla, Chief Executive Officer & Director, SAEL Industries Ltd., said in a statement, “The agreements with GUVNL and PSPCL reflect our long-term vision of contributing towards India’s clean energy future through large-scale, time-bound, and advanced technology renewable energy projects. These projects will not only support India’s renewable energy and decarbonization goals but also stimulate local development and job creation.”

These new projects will further strengthen SAEL’s renewable energy portfolio, which already includes over 6.5 GW of solar Independent Power Producer (IPP) assets. The company also has vertically integrated solar module manufacturing facilities with a capacity of more than 3.5 GW, leveraging advanced TOPCon technology. In addition to solar energy, SAEL is one of India’s largest developers and operators of agricultural waste-to-energy projects. It processes nearly 2 million tonnes of biomass every year to generate over 165 MW of clean energy.