Greater Noida, July 15, 2025 – SAEL Industries Ltd, a prominent Indian renewable energy company, has unveiled ambitious plans to invest ₹82 billion (approximately $954 million) in setting up a 5-gigawatt-per-year integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh. This significant investment positions SAEL at the forefront of India’s solar manufacturing ecosystem and supports the country’s strategic shift toward self-reliance in clean energy technologies.

The new facility will raise SAEL’s total solar module production capacity to 8.5 GW, reinforcing India’s push to reduce dependence on imported solar components, particularly from China. The move comes in advance of the Government of India’s policy shift, effective from June 2026, which mandates the exclusive use of domestically produced solar cells for all government projects.

“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20 GW as an independent power producer,” said Laxit Awla, CEO of SAEL Industries, in a statement to Reuters. The construction of the new plant is expected to begin later this year.

India currently boasts an estimated 80 GW of solar module manufacturing capacity. However, domestic solar cell capacity is significantly lower at just 15 GW, making SAEL’s vertical integration a vital contribution toward bridging the gap and aligning with the country’s renewable energy targets.

SAEL’s aggressive expansion comes amid a wave of financing activity. The company has secured over $2.4 billion in combined equity and debt investments and issued a $305 million green bond in 2024 to support its growth trajectory. Presently, SAEL operates a clean energy portfolio of over 6.7 GW (including both operational and under-construction projects) and aims to achieve 10 GW within the next three years.

In addition to its expansion in solar manufacturing, SAEL is also planning an initial public offering (IPO) in 2025. While the company has confirmed its intent to go public, specific details regarding the size or timeline of the IPO have yet to be disclosed.

The company’s financial performance has mirrored its strategic ambitions. Revenue from its biomass and independent power production operations nearly doubled to ₹6.87 billion in FY2025 compared to FY2023. SAEL projects revenue from these segments will surge to ₹30.94 billion by FY2027.

With this latest investment, SAEL solidifies its role as a key player in India’s renewable energy revolution, advancing the national agenda of energy self-sufficiency and sustainable industrial growth. The Greater Noida facility is not only poised to meet domestic demand but also to boost India’s competitiveness in the global solar value chain.

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