SAEL secures $132 million from global lenders for 300 MW solar project in Andhra Pradesh

SAEL has announced a major financing milestone, with its subsidiary SAEL Solar MHP1 securing $132 million in debt funding for a 300 MW solar power project in Andhra Pradesh. The funding comes equally from three international financial institutions—Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale—each contributing $44 million.

The project was awarded to SAEL through a competitive bidding process conducted by the Solar Energy Corporation of India (SECI). The secured funds will go toward the development, execution, and commissioning of the solar facility.

Laxit Awla, CEO of SAEL Industries Ltd., remarked, “This funding marks a significant step for SAEL as we continue to build on our commitment to clean and sustainable energy. The backing from these reputed global institutions validates our technical expertise and financial capability to deliver utility-scale renewable projects.”

Echoing the sentiment, Katan Hirachand, CEO of Societe Generale India, said, “Our involvement in this project aligns with our goal to support transformative energy solutions that benefit both communities and India’s renewable energy ambitions.”

SAEL is a fully integrated renewable energy company, with in-house expertise across engineering, procurement, and construction (EPC), operations and maintenance (O&M), and module manufacturing. The company boasts a 6.5 GW solar project portfolio, both operational and under development, and operates solar module manufacturing units with a combined 3.5 GW capacity, using TOPCon technology.

Beyond solar, SAEL is also actively involved in the agri-waste-to-energy sector, operating eleven plants in Punjab, Haryana, and Rajasthan, processing nearly 2 million tonnes of agricultural residue annually.

This financing round strengthens SAEL’s position as a key player in India’s energy transition, pushing the nation closer to its clean energy targets.