SAEL Solar MHP1, a unit of renewable energy company SAEL Industries, has secured $132 million in debt financing from the Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB) and Societe Generale to develop a solar power project in Andhra Pradesh.
The funds will be used for the execution and operationalisation of the project in Andhra Pradesh, with each institution committing $44 million.
“These funds represent a major development for SAEL Industries as we continue our efforts to deliver sustainable clean energy solutions that facilitate India’s transition to a low-carbon future,” said Laxit Awla, CEO of SAEL Industries.
SAEL operates across the solar and agri waste-to-energy segments in India. Its solar portfolio stands at over 6.5 GW, including operational and under-development assets. The company also runs solar module manufacturing facilities with a total capacity of 3.5 GW based on TOPCon technology.
Additionally, SAEL processes nearly 2 million tonnes of agricultural residue each year across 11 plants in Punjab, Haryana and Rajasthan. The company has integrated in-house capabilities across engineering, procurement and construction, operations and maintenance, and manufacturing.
The deal reflects a growing appetite among institutional investors, energy majors, and sovereign platforms to tap into India’s expanding clean energy market. The Indian government aims to add 500 GW of renewable capacity by 2030.
Recent deals in the sector include Abu Dhabi’s ALTÉRRA investing $100 million in Evren, and the ONGC–NTPC Green Energy acquisition of Ayana Renewable Power in a $2.3 billion transaction. Juniper Green Energy also secured $1 billion in debt from lenders, including PFC, HSBC, and DBS.
Last month, British International Investment committed $100 million to ReNew Photovoltaics, marking its first investment in Indian solar manufacturing. ReNew plans to invest $2.57 billion in a hybrid renewable project in Andhra Pradesh. Meanwhile, Brookfield Asset Management said it would triple its India exposure to $100 billion over five years, after investing $27 billion across infrastructure, real estate, and clean energy to date.
