Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday.
Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.
Construction is expected to begin this year.
The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.
India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.
SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.
“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer,” Laxit Awla, CEO of SAEL Industries, told Reuters.
The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.
SAEL’s revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
