SAEL Solar MHP1, a subsidiary of SAEL Industries, has obtained debt financing of $132 million from three international financial institutions—Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale—for the development of a solar power project in Andhra Pradesh.

According to SAEL Industries, each institution has pledged $44 million in debt funding for the project, which was awarded through a competitive auction held by the Solar Energy Corporation of India (SECI).

The company stated that the investment would be used for the execution and operationalization of the project, supporting India’s renewable energy goals and the ongoing development of clean energy infrastructure in Andhra Pradesh.

News source: The Hindu Businessline