SAEL Solar Gets $132 Million for Andhra Pradesh Solar Project
Friday, 30 May 2025, 16:25 IST
• SAEL Solar MHP1 secured $132 million in debt financing from AIIB, NDB, and Societe Generale for a solar power project in Andhra Pradesh.
• Each institution committed $44 million, with the project awarded through SECI’s competitive auction.
• The funds will support India’s clean energy goals and expand SAEL’s role in the renewable sector.
SAEL Solar MHP1 has been able to obtain $132 million in debt financing from three of the top international financial institutions in funding from Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale, situated in France. Each of the three offered an individual loan of $44 million.
This historic financing reinforces global confidence in India's clean energy transition and an important achievement for India's renewable energy targets. The project was awarded to SAEL Solar MHP1 through a competitive auction process via Solar Energy Corporation of India (SECI), which is a nodal agency under the Ministry of New and Renewable Energy (MNRE).
In a statement, SAEL Industries, noted the debt funding would facilitate the execution and operationalisation of the project that is expected to bring significant renewable energy capacity to Andhra Pradesh. The project aligns tightly with the Indian government's larger strategy to achieve 500 gigawatts of non-fossil fuel-based capacity by 2030 and to reduce reliance on coal and other traditional energy sources.
The financing structure highlights the growing presence of multilateral and global institutions in facilitating India's energy transition. AIIB and NDB are significant institutions engaged in infrastructure and sustainable development programming, alongside Societe Generale's involvement being a continuing example of the trend of private European lenders participating in India's green growth narrative.
The project will provide clean electricity to thousands of homes and significantly reduce carbon emissions. With the financial milestone progressed, SAEL Industries will cement its position as a leader in India's solar power market, while also supporting economic development and sustainable energy infrastructure in Andhra Pradesh southern state.
• Each institution committed $44 million, with the project awarded through SECI’s competitive auction.
• The funds will support India’s clean energy goals and expand SAEL’s role in the renewable sector.
SAEL Solar MHP1 has been able to obtain $132 million in debt financing from three of the top international financial institutions in funding from Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale, situated in France. Each of the three offered an individual loan of $44 million.
This historic financing reinforces global confidence in India's clean energy transition and an important achievement for India's renewable energy targets. The project was awarded to SAEL Solar MHP1 through a competitive auction process via Solar Energy Corporation of India (SECI), which is a nodal agency under the Ministry of New and Renewable Energy (MNRE).
In a statement, SAEL Industries, noted the debt funding would facilitate the execution and operationalisation of the project that is expected to bring significant renewable energy capacity to Andhra Pradesh. The project aligns tightly with the Indian government's larger strategy to achieve 500 gigawatts of non-fossil fuel-based capacity by 2030 and to reduce reliance on coal and other traditional energy sources.
The financing structure highlights the growing presence of multilateral and global institutions in facilitating India's energy transition. AIIB and NDB are significant institutions engaged in infrastructure and sustainable development programming, alongside Societe Generale's involvement being a continuing example of the trend of private European lenders participating in India's green growth narrative.
The project will provide clean electricity to thousands of homes and significantly reduce carbon emissions. With the financial milestone progressed, SAEL Industries will cement its position as a leader in India's solar power market, while also supporting economic development and sustainable energy infrastructure in Andhra Pradesh southern state.
