SAEL Industries Limited is a renewable energy company with a strong focus on the creation of green assets to contribute to the transition to green energy, with biomass and solar power projects in various states in India.
The financing package comprises of 12.23 billion Indian rupees from ADB and a parallel loan of up to 6.11 billion Indian rupees underwritten by Tata Capital. ADB led the structuring of the financing package as well as the mobilization of domestic private capital.
SAEL Solar P4 Private Limited will build and operate the solar powerplant, situated within the Khavda Ultra Mega Solar Park in Gujarat, India.
The electricity generated by the solar plant will be supplied to Gujarat Urja Vikas Nigam Limited, the state-owned power distribution company, through a 25-year purchase agreement.
The plant is anticipated to produce an average of 953 gigawatt-hours of clean energy annually, helping to avoid approximately 783,855 tons of carbon dioxide emissions annually. SAEL and ADB have previously partnered in a biomass power generation project that uses agricultural residue.