Indian renewable energy company SAEL Industries Ltd will invest Rs8.2 billion (approximately $954 million) to set up a 5-gigawatt-per-year integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh. This marks one of the largest investments in India’s solar manufacturing sector to date.

The new plant will take SAEL’s total solar module manufacturing capacity to 8.5 GW. Construction is scheduled to begin later this year and supports India’s growing drive to localise solar equipment production. From June 2026, only domestically manufactured solar cells from approved manufacturers will be permitted in government projects.

While India currently has a solar module capacity of 80 GW, its cell manufacturing capacity stands at just 15 GW, heavily reliant on Chinese imports. SAEL aims to help bridge this gap as it accelerates its own expansion.

SAEL presently manages solar assets generating over 6.7 GW, including operational and under-construction projects, with a target to reach 10 GW in three years. The company has secured over $2.4 billion in equity and debt financing and raised $305 million through a green bond in 2024.

“By 2030, we are looking at generating around 18 to 20 GW as an independent power producer,” said CEO Laxit Awla. He also confirmed that SAEL plans to file for an IPO later this year, although details on size and timing remain undisclosed.

Revenue from SAEL’s biomass and power production businesses almost doubled to Rs6.87 billion in FY25 compared to FY23. The company targets Rs30.94 billion in revenue from these segments by FY27.