SAEL Industries, an Indian renewable energy company, has announced plans to invest INR82bn ($954.04m) in constructing a solar cell and module manufacturing facility in the country.
The facility, which will have an annual capacity of 5GW, will be located in Greater Noida, Uttar Pradesh.
Construction works are slated to commence this year.
This development is part of a broader initiative to bolster local solar manufacturing capabilities in India, Reuters reported.
Starting June 2026, the Indian government will require all solar cells used in government projects to be sourced from approved domestic manufacturers.
Currently, India has a module manufacturing capacity of 80GW but relies heavily on imports for solar cells, with only 15GW of domestic cell manufacturing capacity.
SAEL Industries is working to increase its solar power generation capacity, which currently stands at over 6.7GW. The new facility will increase the company’s total module manufacturing capacity to 8.5GW.
Earlier this year, the company announced a INR350bn ($4.08bn) investment plan to expand its renewable energy portfolio, targeting a 10GW capacity in the industry.
The company has raised more than $2.4bn through equity and debt, and issued a $305m green bond last year.
“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer,” company CEO Laxit Awla told Reuters.
Additionally, SAEL plans to pursue an initial public offering (IPO) this year.
In May 2025, ReNew Energy Global revealed plans to invest INR220bn (around $2.5bn) in a hybrid renewable energy project in the Indian state of Andhra Pradesh.
The project will feature a combined capacity of 2.8GW from wind and solar sources and include a 2GWh battery energy storage system.
