The investment will drive the expansion of the company’s solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector 

 SAEL, a renewable energy startup, has successfully raised USD 1 billion in finance from a number of financial organisations, including Tata Cleantech, DFC, ADB, and Norfund. The money will be used to strengthen SAEL’s portfolio of renewable energy sources, with an emphasis on growing its solar and biomass projects. The investment is in line with the government’s renewable energy objectives and the market’s bright possibilities. With an allocation of Rs 15,000 crore and the addition of 2–2.5 GW of renewable capacity yearly, SAEL has big aspirations for the fiscal year 2025. The company wants to reach a target of 10 GW within the next four years.

Tellef Thorleifsson, CEO of Norfund, expressed excitement about the collaboration and emphasised how it fits with the goals of the Norwegian Climate Investment Fund. US Deputy Chief of Mission Patricia Lacina emphasised that DFC’s funding has improved support for farmer incomes, decreased particulate matter, and increased renewable energy capability. These strategic alliances, according to SAEL’s Chairman and Managing Director, Jasbir Singh, would help the organisation achieve its goal of giving Indians access to sustainable energy solutions.