SAEL Industries to invest $954m in solar manufacturing facility

SAEL Industries plans to invest Rs82bn ($954m) to establish a 5GW-per-year integrated solar cell and module manufacturing facility at Greater Noida in the Indian state of Uttar Pradesh, one of the largest investments in India’s solar manufacturing segment.

This move will increase SAEL’s total module production capacity to 8.5GW, as reported by Reuters.

The plant’s construction will commence in 2025.

The new facility also aligns with India’s initiative for self-reliance in solar manufacturing.

From June 2026, only locally produced cells from certified manufacturers can be used in government projects.

India has an 80GW module production capability, and around 15GW of cell capacity. It is dependent on module imports from China.

SAEL manages assets that can produce more than 6.7GW of solar power, encompassing both operational and construction projects.

The company has set an ambitious goal to increase this capacity to 10GW by 2028.

To support its growth, SAEL has raised $2.4bn through equity and debt financing. In 2024, it issued a $305m green bond.

SAEL Industries CEO Laxit Awla stated: “By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer.”

Awla told Reuters that the company intends to file for an initial public offering in 2025, but shared no further details about the timing and size of the IPO.

SAEL reported that its revenue from biomass and independent power production almost doubled from the fiscal year 2023 (FY23) to Rs6.87bn in FY25. The company targets to increase revenues from these segments to Rs30.94bn by FY27.