SAEL Industries Ltd, a key player in India’s renewable energy sector, announced plans to invest ₹8,200 crore (approximately $954 million) in setting up an integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh. The facility will have an annual production capacity of 5 gigawatts (GW), making it one of the largest investments in India’s solar manufacturing space to date.
With the addition of this new plant, SAEL’s total solar module production capacity will rise to 8.5 GW. Construction is expected to begin within this year.
The move comes in line with India’s growing focus on domestic solar manufacturing. From June 2026, the government will mandate the use of domestically produced solar cells from approved manufacturers for all public sector projects.
Although India currently boasts around 80 GW of solar module manufacturing capacity, its solar cell capacity remains limited at about 15 GW—much of it dependent on Chinese imports. SAEL’s expansion aims to help bridge this gap and strengthen India’s self-reliance in the sector.
SAEL presently operates solar assets exceeding 6.7 GW, including both operational projects and those under construction. The company has set a target to expand this to 10 GW over the next three years. To support its growth, SAEL has already raised over $2.4 billion through a mix of equity and debt and floated a $305 million green bond earlier this year.
“By 2030, we aim to reach a power generation capacity of around 18 to 20 GW as an independent power producer,” said SAEL Industries CEO Laxit Awla in a statement to Reuters.
Looking ahead, the company is also preparing to go public. Awla confirmed plans to file for an initial public offering (IPO) later this year, though details regarding the size and timeline of the offering have not yet been disclosed.
SAEL has also seen significant growth in its biomass and independent power production businesses. Revenue from these segments nearly doubled to ₹6.87 billion in FY 2025 compared to FY 2023. The company is targeting a revenue of ₹30.94 billion from these operations by FY 2027.
