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SAEL to Invest Rs5,000 Crore in Solar Cell Manufacturing Plant in UP, Eyes IPO

SAEL Ltd, a Norfund-backed clean energy firm, plans to establish a solar cell manufacturing facility in Greater Noida, Uttar Pradesh, with an investment of around Rs5,000 crore. The plant will have an annual production capacity of approximately 5 gigawatts (GW) of solar cells. This move complements SAEL’s existing solar module manufacturing capacity of 3 GW in Rajasthan and 0.3 GW in Punjab.

The company, headquartered in Delhi and IPO-bound, has already appointed merchant bankers and aims to launch its initial public offering within 12 months, leveraging the current favorable market conditions for fundraising. Besides the IPO, private placements and private equity are also being considered as funding options.

SAEL’s expansion aligns with the Union government’s inclusion of solar cells in the approved list of models and manufacturers from June 2026, which mandates that only listed suppliers can provide solar cells for government-backed projects. The company also plans to expand into manufacturing wafers and ingots, key components used in solar modules.

Earlier this year, SAEL raised Rs8,500 crore from major investors including Norfund, DFC, ADB, and Tata Cleantech. The company aims to capitalize on recent international trade developments to strengthen its competitive position globally.