SAEL Raises ₹13.3 Billion for Renewable Portfolio via Bond Issue

The long-term financing is denominated in Indian rupees and is set to mature in 2033


SAEL, an India-based waste-to-energy producer, has raised ₹13.25 Billion (~$161 million) via the sale of rupee bonds, which will mature in 2033.

India Infradebt, Aseem Infrastructure Finance , TATA Cleantech Capital , and Kotak Infrastructure Debt Fund subscribed to the bonds.

SAEL’s green energy initiatives will benefit from the proceeds of the long-term, secured, unlisted, rated, redeemable, non-convertible debt securities.

The global analytical company Credit Rating Information Services of India Limited (CRISIL) rated the bonds’ AA’.

SAEL, a renewable energy company with a presence in solar and agricultural waste-to-energy projects, utilizes crop residues as fuel in waste-to-energy plants located in several Indian states.

The company aims to grow its renewable energy portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually.

According to Laxit Awla, CEO of SAEL, the company’s waste-to-energy plants not only help combat one of India’s greatest health issues by reducing air pollution but also create employment opportunities and additional income for farmers and local entrepreneurs.

The company said its waste-to-energy generation capacity is the largest in India. It utilizes paddy straw, which is otherwise incinerated, to generate renewable energy. By doing so, the company is contributing to reducing air pollution and climate emissions while also providing a source of income for farmers.

Barclays India has supported SAEL’s ESG strategy of promoting green and sustainable finance to transform the economies they serve.

SAEL’s efforts to promote biomass energy generation using agricultural residue have received support from the Asian Development Bank and Norfund, the Norwegian investment fund.

SAEL had signed loan agreements with the Asian Development Bank for up to ₹7.5 billion (~$91.16 million) to promote biomass energy generation using agricultural residue.

Recently, Norfund said it would invest about NOK 600 million (~$57.77 million) in SAEL.