SAEL Industries will invest Rs82 billion ($954 million) to construct a 5GW-per-year solar cell and module manufacturing plant in Greater Noida, Uttar Pradesh, marking a significant step in India’s solar industry. This facility will increase SAEL’s module production capacity to 8.5GW.

From June 2026, only locally produced cells from certified manufacturers can be used in government projects in India.

Set to begin construction in 2025, the plant aligns with India’s goal of self-sufficiency in solar manufacturing. From June 2026, government projects must use locally produced cells from approved manufacturers. India currently has an 80GW module capacity and 15GW cell capacity, supplementing domestic production with some imports.

SAEL oversees solar assets exceeding 6.7GW, covering operational and under-construction projects. The company plans to reach 10GW by 2028. To support this expansion, SAEL raised $2.4 billion through equity and debt, including a $305 million green bond in 2024.

CEO Laxit Awla stated: “By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer.” SAEL is also preparing for an initial public offering in 2025, though specifics on timing and size were not shared, per Reuters.

Revenue from biomass and power production grew from Rs3.5 billion in fiscal year 2023 to Rs6.87 billion in fiscal year 2025. SAEL targets Rs30.94 billion by fiscal year 2027, reflecting its focus on renewable energy growth.