Norfund invests in India’s renewables firm SAEL

Norway government's investment arm Norfund has agreed to make a NOK-600-million (USD 61.0m/EUR 56.3m) equity investment in India-based solar and agricultural waste-to-energy firm SAEL to support its push to expand its portfolio to 3 GW over the next five years.

Founded in 1999, SAEL operates four business lines -- waste-to-energy, solar power, food processing and warehousing. The company uses crop residues as fuel in waste-to-energy projects. Its current portfolio of 600 MW includes more than 20 solar or waste-to-energy projects either already operational or under construction.

The New Delhi-based firm has set itself a goal to add 100 MW of new biomass and 400 MW of new solar capacity to its portfolio annually over the next five years.

The size of the shareholding to be acquired was not disclosed. The investment is being made through the new Norwegian Climate Investment Fund which is managed by Norfund.

Norfund, in partnership with Norwegian pension company KLP, earlier in January inked a deal to take a 49% stake in a transmission project in the Koppal district of southern India developed by local renewable energy firm ReNew Power.

The two Norwegian investors also joined forces in August 2022 to acquire a 49% stake in a 420-MW DC solar power plant being built in India by Italy’s Enel Green Power.

(NOK 10 = USD 1.017/EUR 0.939)

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