Indian developer of solar and agricultural waste-to-energy projects SAEL has announced that its arm, SAEL Solar MHP1, has secured a USD $132 million in debt financing for the development of a 300 MW solar power project in the southern Indian state of Andhra Pradesh. 

The funding was secured from the Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB) and Societe Generale — with each financial institution committing USD 44 million to the project, according to a report by Indian news agency UNI.

“These funds represent a major milestone for SAEL Industries as we continue to deliver sustainable clean energy solutions that support India’s transition to a low-carbon future,” Laxit Awla, CEO of SAEL Industries Ltd, said. “The support from these institutions reflects confidence in our technical expertise and financial strength to implement large-scale energy infrastructure.”

“By supporting the SAEL solar project, Societe Generale is committed to enabling solutions that create value for communities and the broader energy ecosystem, helping India achieve its renewable energy goals,” Katan Hirachand, Chief Executive Officer of Societe Generale India, said.

SAEL’s energy portfolio includes over 6.5 gigawatts of solar Independent Power Producer (IPP) projects, both 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.

SAEL also processes around 2 million tonnes of agricultural residue annually through plants in the northern Indian states of Punjab, Haryana, and Rajasthan.