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SAEL Solar MHP1 Private Limited, a subsidiary of SAEL Industries Ltd, has secured a significant financial boost of USD 132 million to develop a 300 MW solar power project in Andhra Pradesh. The announcement was made on May 30, marking a major step in India’s push towards clean and sustainable energy.
The funding comes from three major international financial institutions—Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale—with each contributing $44 million. The funds will be directed towards the execution, development, and operationalization of the upcoming solar facility.
The project was awarded to SAEL through a competitive bidding process conducted by the Solar Energy Corporation of India (SECI), the central nodal agency for renewable energy procurement.
Laxit Awla, CEO of SAEL Industries Ltd, called the funding a “great step” in building sustainable energy infrastructure. “The support from these global institutions reinforces their trust in our technical expertise and financial credibility to execute large-scale clean energy projects,” he said.
Dr. Katan Hirachand, CEO of Societe Generale India, echoed similar sentiments, stating, “Our support to SAEL’s solar project aligns with India’s commitment to renewable energy and sustainability.”
SAEL is one of India’s leading renewable energy companies, with a portfolio exceeding 6.5 gigawatts (GW) of solar Independent Power Producer (IPP) projects, including operational and under-development assets. The company also operates solar module manufacturing facilities with a combined capacity of 3.5 GW, leveraging advanced TOPCon (Tunnel Oxide Passivated Contact) technology.
In addition to solar power, SAEL has made significant strides in waste-to-energy solutions. It processes around 2 million tonnes of agricultural residue annually through 11 plants in Punjab, Haryana, and Rajasthan—an initiative that contributes to pollution reduction and curbing stubble burning.