AIIB, NDB & SocGen offer $132 mn debt finance for AP solar project

Hyderabad: Three global financial institutions- Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale (SocGen) have come forward to provide debt funds to develop a solar power project in Andhra Pradesh.

Each institution has committed US$44 million debt funding towards the project, which was awarded through a competitive auction conducted by the Solar Energy Corporation of India (SECI) to SAEL Solar MHP1 Pvt Limited, a subsidiary of SAEL Industries Ltd, a clean energy company.

The investment will be utilised towards the execution and operationalisation of the 300mw solar power project, in alignment with India’s renewable energy objectives and the ongoing development of clean energy infrastructure in Andhra Pradesh.

“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 SAEL Industries Ltd CEO, Laxit Awla.

SAEL’s business spans solar and agri waste-to-energy projects across India. It has a portfolio of 6.5+ GW of Solar IPP projects, including both operational and under-development assets across India.

The company operates solar module manufacturing facilities totalling a capacity of 3.5GW, utilising TOPCon technology, further enhancing its vertical integration. SAEL also operates an agri waste-to-energy business, processing nearly 2 million tonnes of agricultural residue annually through 11 plants across Punjab, Haryana and Rajasthan, aimed to help combat pollution.