Dear Readers,
SAEL is set to make a substantial investment of up to ₹35,000 crore to boost its renewable energy capacity to 10 gigawatts over the next two and a half years. Currently, the company holds a diverse portfolio including solar projects, agricultural waste conversion, and solar module manufacturing, alongside its EPC activities.
Chief Investment Officer Varun Gupta detailed the financial strategy to support this growth, mentioning a planned capital raise of another billion dollars in June 2024, following a successful similar effort in January 2024. SAEL’s strategic partnerships with financial institutions like the Asian Development Bank and India Infradebt aim to leverage due diligence and adhere to stringent ESG standards.
From a base of 400 megawatts in 2022, SAEL has expanded to 4 GW in FY24 and is targeting an ambitious 10 GW by FY27. The company also explores innovative projects in solar with storage and hydro.
“We are setting the stage for a future where renewable energy is not just a part of the grid but a dominant, sustainable force,” Gupta said, reaffirming SAEL’s commitment to advancing renewable energy in India.
You can read the full story
Thanks for reading!
Saurav Anand
Principal Correspondent, ETEnergyWorld | The Economic Times
