Norwegian Climate Investment Fund invests Rs 500 cr in SAEL

The new Norwegian Climate Investment Fund, managed by Norfund, is investing about Rs 500 crore in equity in SAEL, an Indian solar and agri waste-to-energy company. The investment will contribute to avoiding more than 2.8 million tons of CO2 emissions and improving air quality by reducing stubble burning, according to an official statement.

SAEL, which is an emerging renewable company with presence across solar and agri waste to energy projects, has developed a business model where crop residues are used as fuel in waste-to-energy projects. SAEL currently has more than 20 projects both operating and under construction in solar and agri waste to energy space

The new Norwegian Climate Investment Fund, managed by Norfund, announced at an event in New Delhi on 15 January that it is now investing equity in SAEL. The goal is to support the company’s ambition to grow its portfolio to 3GW over the next five years by adding 100MW of new biomass and 400MW of new solar capacity annually in addition to its existing portfolio of 600 MW.