SAEL Solar MHP, a subsidiary of SAEL Industries, has secured debt finance of $132 million from the Asian Infrastructure Investment Bank, the New Development Bank, and Societe Generale to develop a 300 MW solar power project in Andhra Pradesh.

Each institution has committed $44 million in debt to the company’s project, which was awarded by the Solar Energy Corporation of India (SECI). The funds will be utilized towards the execution and operationalization of the project.

SAEL is an integrated renewable energy company with capabilities in engineering, procurement, construction, operations, maintenance, and manufacturing, focusing on solar and agri-waste-to-energy projects across India.

It has a portfolio of more than 6.5 GW of solar projects across India, including operational and under-development assets.

The company operates solar module manufacturing facilities with a total capacity of 3.5 GW, utilizing tunnel oxide passivated contact technology to enhance its vertical integration.

The company is setting up a solar cell manufacturing facility with a capacity of 5 GW in Uttar Pradesh.

SAEL was among the winners of Gujarat Urja Vikas Nigam’s auction to supply power from 250 MW grid-connected solar power projects anywhere in India with a greenshoe option of 250 MW. It won 100 MW out of the quoted capacity of 200 MW at a tariff of ₹2.60 (~$0.0299)/kWh.

Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter of 2025, a 41% year-over-year decrease from $8.2 billion raised in 42 deals. However, funding increased 20% quarter-over-quarter compared to $4 billion raised in 40 deals in Q4 2024.

In January 2024, SAEL raised $1 billion in a funding round involving Norfund, the U.S. Development Finance Corporation, the Asian Development Bank (ADB), Tata Cleantech, and other financial institutions. Out of the total, ADB approved a ₹12.23 billion ($147 million) loan for a 400 MW solar project in Gujarat, and Tata Capital provided financing of ₹6.11 billion ($73.4 million).