IPO-bound sael to venture into solar cells with a £ 5,000 crore plant in UP

Copyright © HT Digital Streams Limit all rights reserved. Swarnali Mukherjee, Rituraj Baruah 4 min read May 18, 2025, 03:18 pm ist of the 25 GW renewable energy capacity in India in FY25, solar capacity accounted for 21 GW. (Bloomberg) Summary Sael is planning to invest £ 5,000 crore to establish a solar manufacturing plant in Uttar Pradesh, with the aim of striving annually a capacity of 5 GW – a strategic move that would position the government policy that preferred local suppliers in the renewable sector. New Delhi: Norfund-Asanted Clean Energy Firm Sael Ltd plans to establish a solar manufacturing plant in Uttar Pradesh against a projected investment of £ 5,000. The Delhi-headquarters IPO-bound company is looking for an integrated solar and module manufacturing facility with the ability to produce 5 Gigawatts (GW) annually, CEO Laxit Awla told Mint. “We are about to implement the cell manufacturing project over the next few months. It (solar manufacturing capacity) will be about 5 GW. We have module supplement in Rajasthan. It will be in UP, so there must be about £ 5,000,” said. The Union government included solar cells below the scope of the approved list of models and manufacturers of the renewable energy from June 2026, which effectively allows suppliers to provide solar cells for projects supported by the government. Sael currently has a 3 GW capacity plant in Rajasthan to produce solar modules – teams of connected solar cells – and another 0.3 GW capacity in Punjab, which employs about 1,500 people. Awla has so far incurred a capital expenditure of £ 600 crore for module supplies. Sael will also look at the production of other components used in the production of solar modules, such as wafers and blocks, depending on the government policy and domestic market requirements, he added. Awla’s IPO plans on Sael’s fundraising plans reported that the company was planning an initial public offer of its shares within 12 months and that it had appointed commercial bankers for the exchange trading. “IPO today is one of the most conducive ways to raise funds, which is why the market has picked up over the past two years. Now, of course, it is also other options available, private placement, private equity. So it’s probably a financing scenarios,” Awla said. ” In January last year, the company raised $ 1 billion from investors, including Norway Investment Fund Norfund, DFC, ADB and Tata Cleantech. USA is 14%, which is lower than the rates imposed on products from China, the world’s largest solar panels and other related equipment manufacturer. Addition to green power in a year, which is an almost 35% growth of the previous fiscal year. Cumulative solar-based power generation capacity takes up to about 15 GW. We look at a dedicated capacity of 15 GW in the next 3-4 years, “said Awla. Sael is also present in the waste-to-energy space with 11 biomass plants in Punjab, Haryana and Rajasthan, with a cumulative generation capacity of 165 MW. Sector giants such as Tata Power Ltd, Reliance Power Ltd, Renew Energy Global PLC., And Sembcorp Industries. Reliance Power, announced that it has secured a 350 MW solar project that is integrated with a 175 MW/700 MWH Battery Energy Storage System, earlier in May, Reliance Nu Suntech, another Reliance Power subsidiary, a 25-year-old power purchase agreement signed with the purchase of the Solar Energy Corporation of the power of the Indian power failure to develop.