SAEL Industries, a New Delhi-based solar and waste-to-energy company, will invest approximately INR 82 billion to set up an integrated solar manufacturing facility in Greater Noida, Uttar Pradesh. The facility will comprise a 5 GW solar cell manufacturing unit and a 5 GW solar module manufacturing line, increasing SAEL's total solar manufacturing capacity to 8.5 GW. The project is expected to begin construction this year and will produce tunnel oxide passivated contact (TOPCon) solar cells, which will be assembled into solar panels at its in-house module manufacturing line.

Facility Details

The facility will be under the jurisdiction of the Yamuna Expressway Industrial Development Authority and will be operated by SAEL's subsidiary, SAEL Solar P6. The investment is part of SAEL's backward integration strategy to support its growing solar independent power producer (IPP) business and the domestic solar value chain. SAEL Industries has over 6.7 GW of solar IPP assets, including operational and under-construction projects throughout India.

Market Context

India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024. SAEL Industries' subsidiary, SAEL Solar MHP, recently secured debt finance of USD 132 million from the Asian Infrastructure Investment Bank, the New Development Bank, and Societe Generale to develop a 300 MW solar power project in Andhra Pradesh. SAEL was also among the winners of Gujarat Urja Vikas Nigam's auction to supply power from 250 MW grid-connected solar power projects anywhere in India. It won 100 MW out of the quoted capacity of 200 MW at a tariff of INR 2.60/kwh.

Company Background

SAEL Industries has a 3.2 GW TOPCon module assembly capacity in Rajasthan and a 300 MW assembly capacity in Punjab. The company's investment in the integrated solar manufacturing plant is expected to support its growing solar IPP business and contribute to the development of the domestic solar value chain. With this project, SAEL Industries is poised to increase its presence in the solar manufacturing sector and contribute to India's renewable energy goals. The project's completion is anticipated to have a significant impact on the company's operations and the Indian solar industry as a whole.

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