For the first time in the renewable energy sector of India, SAEL Industries Ltd has made a massive investment of ₹8,200 crore ($954 million) to set up an integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh. The project will be among India's largest solar manufacturing projects, and will be a key contribution towards becoming energy independent and import-dependent.
Key Highlights
Mega Investment: SAEL is making an investment of ₹8,200 crore in the establishment of a 5-gigawatt (GW) per annum solar cell and module manufacturing plant, expanding its module capacity to 8.5 GW.
Location: The plant would be established in Greater Noida under the Yamuna Expressway Industrial Development Authority.
Tech Advantage: The plant will utilize leading-edge tunnel oxide passivated contact (TOPCon) solar cell technology, which will be manufactured in-house into high-efficiency solar panels.
Construction Schedule: The plant will begin construction this year, according to India's policy shift mandating only locally produced solar cells to be utilized in government projects from June 2026.
Strategic Importance: India currently has a module capacity of 80 GW but just 15 GW of cell capacity, the majority of which is based on imports from China. SAEL's expansion proposal to bridge the gap.
Growth Aspirations: SAEL has over 6.7 GW worth of solar assets and has growth aspirations to achieve 10 GW within the next three years, and a long-term goal of achieving 18–20 GW in 2030 as an IPP.
Financial Muscle: The company has raised over $2.4 billion in debt and equity capital, including a $305 million green bond in 2024.
IPO on the Horizon: SAEL is set to go public later this year, which speaks to its aggressive growth path.
Revenue Growth: Revenue from its power generation and biomass segment nearly doubled to ₹6.87 billion in FY25, targeting ₹30.94 billion in FY27.
By 2030, provisionally, we are estimating the capacity of about 18 to 20 GW as an independent power producer," said Laxit Awla, CEO, SAEL Industries.
Source: Business Standard, Mercom India, ESG News, Bioenergy Times, Economic Times.
