In a significant development for India’s renewable energy industry, SAEL Industries Ltd has revealed plans to invest ₹7,960 crore ($954 million) in a large new solar manufacturing plant in Uttar Pradesh. This integrated facility, which will be established in Greater Noida, is expected to produce 5 gigawatts (GW) of solar cells and modules each year—making it one of the largest individual investments in India’s solar manufacturing sector so far. Once it is operational, the facility will increase SAEL’s total module manufacturing capacity to 8.5 GW, greatly enhancing the country’s domestic supply chain as India moves away from reliance on Chinese imports. Construction of the new plant is scheduled to commence later this year.This investment is part of a significant policy change: starting in June 2026, only solar cells and modules manufactured domestically by approved vendors will qualify for use in government-supported solar initiatives. Currently, India has 80 GW of module capacity, but only around 15 GW of cell capacity—emphasizing the urgent need for vertical integration in the industry.SAEL, which already manages a portfolio of solar assets with a total capacity exceeding 6.7 GW across operational and construction stages, aims to expand that to 10 GW within three years. The company has secured over $2.4 billion in equity and debt, including a $305 million green bond issued in 2024.Besides solar, SAEL’s revenue from its biomass and independent power generation sectors nearly doubled to ₹6.87 billion in FY 2025 compared to FY 2023. The company anticipates that these revenues will rise to ₹30.94 billion by FY 2027.The Greater Noida facility represents a crucial step in India’s solar goals—highlighting SAEL’s position as a key contributor to the country’s clean energy transition.
