SAEL, a renewable energy company, announced that it has successfully raised $1 billion in funds from a range of financial institutions, including Norfund, DFC, ADB and Tata Cleantech. The funding will play a crucial role in supporting the growth of SAEL's solar and biomass projects, leveraging favorable market conditions and government initiatives in the renewable energy sector, according to a company statement.
According to the official statement, SAEL, an Indian renewable energy company specializing in solar and waste-to-energy projects, disclosed its strategic alliances and successful financial closure, securing a total capital infusion of up to $1 billion during an event held in New Delhi. The gathering saw the presence of distinguished figures such as the Ambassador of Norway, Deputy Chief of Mission from the United States, and other dignitaries. Noteworthy contributors to the capital raise included Norfund, DFC, ADB, Tata Cleantech, alongside other financial institutions.
In conjunction with the announcement of this $1 billion partnership, SAEL outlined its plans to achieve a capital expenditure of Rs 15,000 crore in FY25. Additionally, the company aims to implement 2-2.5 GW of renewable capacity each year, working towards the ambitious target of reaching 10 GW within the next four years.
Highlighting the significance of the partnership, Norfund CEO Tellef Thorleifsson expressed enthusiasm about supporting SAEL's endeavors to expand its renewable energy capacity. He emphasized the alignment of this initiative with Norfund's responsibilities for managing the Norwegian Climate Investment Fund.
US Deputy Chief of Mission Patricia Lacina underscored the positive impact of DFC's investment in SAEL, foreseeing increased renewable energy capacity, reduced particulate matter, and support for enhanced farmer incomes. SAEL's Chairman and Managing Director, Jasbir Singh, expressed optimism about these partnerships propelling the company to new heights in fulfilling its mission of providing sustainable energy solutions to the people of India.