SAEL Industries is planning to invest a staggering $954 million in a new solar manufacturing facility. The sign construction will begin in 2025, with the line located in Greater Noida, India. This initiative aligns with India’s broader goal of enhancing self-reliance in solar manufacturing and reducing dependence on imported components, particularly from China.
By building this facility, SAEL intends to be a major player in the American solar ecosystem. India now has an 80 GW module manufacturing capacity. It is overwhelmingly dependent on imports for cell manufacturing, with just 15 GW of local capacity in the works. The new facility will increase local production capacity. It will further encourage government efforts to build a healthy, domestic solar supply chain.
Plans for Expansion and Initial Public Offering
In addition to the new facility, SAEL has understanding plans for growth. The company intends to file for an initial public offering (IPO) in 2025, coinciding with the anticipated launch of its manufacturing operations. This IPO will likely serve as a critical step for SAEL to secure additional funding and expand its market presence.
Additionally, SAEL has announced plans to expand its production capacity to 10GW by 2028. This significant expansion reflects the company’s commitment to becoming a key player in the renewable energy sector and supporting India’s transition toward sustainable energy sources.
Commitment to Local Production
To support domestic manufacturing, the Indian government is currently investing in the production of these products. Beginning June 2026, solar cells used in government projects must come from certified local manufacturers. This policy is intended to promote domestic production and help maintain high quality standards throughout the industry.
SAEL’s investment aligns perfectly with this new regulation, positioning the company to meet future government project requirements while supporting India’s broader renewable energy targets.
“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer.” – Laxit Awla
Financial Milestones
In 2024, SAEL launched a $305 million green bond to help fund the solar projects it is financing. This financial milestone is a testament to the growing demand for sustainable investments. It shines a light on the company’s tenacity to pursue funding for its ambitious endeavors. The issuance of these green bonds showcases SAEL’s commitment to a renewable energy revolution. It provides the company with a competitive advantage in the fast-growing green finance market.