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SAEL Bags $1 Billion Funding for Renewable Energy Projects

Last Updated on 24th January 2024

SAEL (Sustainable and Affordable Energy for Life), an Indian renewable energy company specializing in solar and waste-to-energy projects, has secured USD 1 billion in funding from various financial institutions. This includes Norfund, the US Development Finance Corporation, the Asian Development Bank, Tata Cleantech, and other financial institutions.

 

SAEL Bags $1 Billion Funding for Renewable Energy Projects

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The funding will be used to finance and expand SAEL's portfolio of renewable energy projects, including both solar and biomass projects. This includes expanding existing capacity, developing new facilities, and implementing cutting-edge technologies.

 

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The group aims to achieve a 10 GW renewable energy capacity, significantly contributing to India's clean energy targets. This expansion will also lead to job creation, environmental benefits through reduced emissions, and increased farmer income through waste-to-energy initiatives.

 

Jasbir Singh, Chairman and Managing Director of SAEL, stated that the support of investors demonstrated the organization's dedication to promoting renewable energy endeavours. He reaffirmed SAEL's commitment to waste-to-energy and solar initiatives.

 

Read: CESC Plans to Acquire 50,000 Acres in Rajasthan and Gujarat to Develop Renewable Power Projects

 

About SAEL

 

SAEL Bags $1 Billion Funding for Renewable Energy Projects

 

SAEL Ltd. is a prominent Indian company leading the charge in the country's renewable energy revolution. With a focus on solar and waste-to-energy projects, SAEL is committed to cultivating green assets and decarbonizing India's energy landscape.

 

With over 20 solar projects spread across India, SAEL boasts a renewable energy portfolio of 2700 MW and a committed EBITDA of INR 1800 crore.  They tackle air pollution and waste management simultaneously by converting agricultural waste like rice stubble into clean energy. This not only reduces the environmental impact but also provides an additional income source for farmers.

 

SAEL has its own 2300 MW module manufacturing plant, contributing to the "Make in India" mission and ensuring greater control over project quality and costs.

 

Read: USDA Invests $207 Million in Rural Renewable Energy and Fertilizer Projects

 

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