SAEL Industries Ltd, through its subsidiary SAEL Solar P6 Private Limited, has announced a major investment of ₹8,200 crore (approximately $954 million) to set up an integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh. With an annual capacity of 5 gigawatts (GW), the plant will significantly enhance India’s solar manufacturing landscape and ranks among the country’s largest investments in the sector.
The facility will increase SAEL’s total solar module capacity to 8.5 GW. Construction is expected to commence later this year, aligning with India’s push to reduce dependence on imports and promote local solar cell production.
Driving Self-Reliance in Renewable Energy
The move supports the Indian government’s directive that, starting June 2026, public sector projects must use domestically manufactured solar cells. While India currently has around 80 GW of module manufacturing capacity, solar cell capacity stands at only 15 GW—much of it reliant on Chinese imports. SAEL’s expansion is seen as a strategic step toward addressing this supply gap and strengthening India’s renewable energy independence.
SAEL currently manages more than 6.7 GW of solar power assets across operational and under-construction projects. It has set a target of reaching 10 GW in the next three years and ultimately aims for 18–20 GW of generation capacity by 2030, positioning itself as a leading independent power producer.
IPO Plans and Rapid Growth in Clean Energy Portfolio
To fuel its growth, SAEL has raised over $2.4 billion through equity and debt and launched a $305 million green bond earlier in 2025. CEO Laxit Awla confirmed the company plans to file for an initial public offering (IPO) later this year, with details to be announced.
Beyond solar, SAEL is also expanding its biomass and clean power ventures. Revenue from these segments nearly doubled to ₹6.87 billion in FY 2025 from FY 2023, with a target of ₹30.94 billion by FY 2027, reinforcing the company’s commitment to a diversified, sustainable energy future.
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