• SAEL Industries will build a $954 million, 5 GW solar cell and module plant in Uttar Pradesh, increasing total module capacity to 8.5 GW.
• The move aligns with India’s 2026 mandate requiring domestic solar cells for government projects.
• SAEL targets 20 GW power capacity by 2030 and is preparing for an IPO amid soaring revenue growth.

Indian renewable energy company SAEL Industries Ltd announced plans to invest ₹82 billion ($954 million) in constructing a 5-gigawatt-per-year integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh.

The facility will mark one of India’s largest investments in domestic solar manufacturing and will expand SAEL’s total module production capacity to 8.5 GW, reinforcing India’s broader effort to reduce reliance on Chinese solar imports.

“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 an interview with Reuters.

Construction is set to begin this year, ahead of a policy shift in June 2026, when only domestically produced solar cells from approved manufacturers will be eligible for government projects. While India currently holds 80 GW of module capacity, its solar cell production lags at just 15 GW—highlighting the strategic relevance of SAEL’s expansion.

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SAEL currently operates over 6.7 GW in combined operational and under-construction clean energy projects, aiming to reach 10 GW within three years. The company has already raised more than $2.4 billion in equity and debt financing and successfully issued a $305 million green bond in 2024.

Looking ahead, SAEL intends to file for an initial public offering (IPO) in 2025. While Awla confirmed the plan, he did not disclose details on the IPO’s size or timing.

Revenue from SAEL’s biomass and power production businesses nearly doubled to ₹6.87 billion in fiscal year 2025 from fiscal 2023. The firm is projecting ₹30.94 billion in revenue from these segments by fiscal year 2027.

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