Indian waste-to-energy company SAEL secures investment from Norwegian fund
Indian solar and agri waste-to-energy company SAEL will receive an equity investment of approximately INR 500 crores (NOK600 million or $60 million) from the new Norwegian Climate Investment Fund, managed by Norway’s state-owned Norfund.
The renewable energy company will use the proceeds to generate 3GW of clean energy using crop stubble as fuel.
The investment is expected to eliminate over 2.8 million tons of CO2 emissions annually and improve air quality in Northern India.
Jasbir Awla — SAEL Chairman and Managing Director said: “By collecting the crop stubble to be used as fuel in our waste-to-energy plants, we contribute to combat one of our nation’s greatest health issues, while at the same time creating local employment and extra income to farmers and local entrepreneurs.
“This partnership with Norfund will fast track implementation of these projects, making us one of the leaders in this space.”
Indian waste-to-energy company SAEL secures investment from Norwegian Climate Investment Fund. Photo courtesy of Norfund.
SAEL is said to have developed a business model where crop residues are used as fuel in waste-to-energy projects with presence across solar and agri waste to energy space.
Currently, SAEL has over 20 projects both operating and under construction in solar and agri waste to energy space, according to Norfund.
Mark Davis — Norfund Renewable Energy EVP said: “We are thrilled to be able to contribute with the necessary financing for SAEL to reach its ambitions and contribute to reduce climate emissions and local pollution, while contributing to meet India’s energy needs.”
Norfund said that SAEL anticipates to increase its portfolio to 3GW over the next five years with the addition of 100MW of new biomass capacity and 400MW of new solar capacity annually, besides its current portfolio of 600MW.