The fund will bankroll the expansion of the company’s solar and biomass projects and help it achieve its target of adding 10 GW of additional renewable capacity in four years
Renewable energy firm SAEL announced that it has secured funding of $1 billion from various financial institutions, including Norfund, DFC, ADB, and Tata Cleantech, to finance its renewable energy portfolio.
A company statement said that the investment will drive the expansion of the company's solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector.
In addition, SAEL has plans to spend Rs 15,000 crore in FY25 and add 2–2.5 GW of renewable capacity every year to reach its 10 GW target in the next four years.
"We are thrilled to partner with SAEL for the past year, and we are happy to be able to finance further the company's effort to reach its ambitious targets for increasing its renewable energy capacity, in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund," Norfund CEO Tellef Thorleifsson said in the statement.
US Deputy Chief of Mission Patricia Lacina said in the statement, "DFC's investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes."
SAEL Chairman and Managing Director Jasbir Singh said, "These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India."