SAEL Industries is investing $954m in a 5GW solar manufacturing plant in India’s Uttar Pradesh, increasing its module production capacity to 8.5GW. Construction begins in 2025 to support India’s self-reliance in solar manufacturing, with a goal to reach 10GW capacity by 2028.

To fund growth, SAEL raised $2.4bn through equity and debt financing, issuing a $305m green bond in 2024. The company plans to file for an IPO in 2025. SAEL’s revenue from biomass and power production doubled to Rs6.87bn in FY25, aiming for Rs30.94bn by FY27.

Read more at Yahoo Finance: SAEL Industries to invest $954m in solar manufacturing facility