SAEL Industries Ltd (SIL), a leading renewable energy company, has finalized two long-term Power Purchase Agreements (PPAs) for solar projects totaling 880 MW (AC). The agreements cover 400 MW in Punjab and 480 MW in Gujarat, expanding the company’s growing solar generation portfolio.
Through subsidiaries SAEL Solar P Sixteen Pvt Ltd and SAEL Solar P Seventeen Pvt Ltd, the company signed a PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL) for 480 MW of solar capacity. This includes 240 MW initially awarded and another 240 MW under the greenshoe option. The projects are scheduled to be operational within 24 months. GUVNL will purchase power at a tariff of ₹2.56 per unit for 25 years.
In Punjab, SAEL Solar P15 Pvt Ltd signed a PPA with Punjab State Power Corporation Ltd (PSPCL) for a 400 MW solar project. The facility will also be commissioned within 24 months, with PSPCL buying the power at ₹2.97 per unit under a 25-year contract.
Commenting on the milestone, Laxit Awla, CEO & Director of SAEL Industries Ltd, said:
“Our agreements with GUVNL and PSPCL reinforce our commitment to India’s clean energy goals. These projects reflect our focus on advanced, large-scale renewable solutions that not only accelerate decarbonization but also drive local growth and employment.”
SAEL’s clean energy portfolio includes more than 6.5 GW of operational and upcoming solar assets, backed by 3.5+ GW of vertically integrated solar module manufacturing using TOPCon technology. The company is also one of India’s largest agri-waste-to-energy producers, processing nearly 2 million tonnes of biomass each year to generate over 165 MW of power. Overall, SAEL has a renewable pipeline of 7.7+ GW in solar IPP assets, 8.5+ GW of solar module assembly, 5 GW of upcoming TOPCon solar cell capacity, and 165 MW of agri-waste-to-energy projects—cementing its position as a key player in India’s clean energy transition.
