SAEL, leading renewable energy firm, to invest ₹8,200cr in UP
What's the story
SAEL Industries, a leading Indian renewable energy firm, has announced an investment of ₹8,200 crore to set up a state-of-the-art solar cell and module manufacturing plant in Uttar Pradesh. The facility will have an annual capacity of 5GW and will be located in Greater Noida. This investment is one of the largest in India's solar manufacturing sector and will increase SAEL's total module production capacity to 8.5GW.
Project timeline
India's strategy to boost domestic solar manufacturing
The construction of the new plant is expected to start this year. The move comes as part of India's strategy to boost domestic solar manufacturing. From June 2026, only domestically produced solar cells from approved manufacturers will be allowed for government projects. Currently, India has an 80GW module manufacturing capacity but only about 15GW cell capacity, with most modules being imported from China.
Capacity expansion
Aim to increase power generation capacity to 10GW
SAEL already has assets that can generate over 6.7GW of solar power from operational and construction projects. The company plans to increase this capacity to 10GW in three years. It has raised over $2.4 billion in equity and debt funding, including a $305-million green bond issued in 2024. "By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," said Laxit Awla, CEO of SAEL Industries.
Future prospects
Plans to file for IPO this year
SAEL also plans to file for an initial public offering (IPO) this year. However, Awla didn't share further details about the timing and size of the IPO. The company's revenue from its biomass and independent power production business nearly doubled to ₹6.87 billion in fiscal 2025 from fiscal 2023. SAEL aims to grow its revenue from these businesses to ₹30.94 billion by fiscal year 2027.