- Besides other financial institutions, Norfund, DFC, ADB, and Tata Cleantech were the major participants in the capital raise
- The company plans to implement 2-2.5 GW of renewable capacity annually
To support its renewable energy portfolio, SAEL has successfully raised $1 billion from diverse financial institutions, such as Norfund, DFC, ADB, and Tata Cleantech.
These funds will be helpful to extend the company’s solar and biomass projects.
The company has recently announced the forging of partnerships and securing financial closure for capital totalling up to USD 1 billion.
Besides other financial institutions, Norfund, DFC, ADB, and Tata Cleantech were the major participants in the capital raise.
Alongside the $1 billion partnership revelation, SAEL aims to achieve a capital expenditure of Rs 15,000 crore in FY25. The company plans to implement 2-2.5 GW of renewable capacity annually, striving to attain a 10 GW target within the next four years.
“We have been thrilled to partner with SAEL for the past year, and we are happy to be able to finance further the company’s effort to reach its ambitious targets for increasing its renewable energy capacity, in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund,” Norfund CEO Tellef Thorleifsson said in the statement.
US Deputy Chief of Mission Patricia Lacina said in the statement, “DFC’s Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes.”
SAEL chairman and managing director Jasbir Singh said, “These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India.”