Norfund Increases Investment in SAEL to $130M Before Planned IPO

Norway's sovereign wealth fund, Norfund, has increased its investment in SAEL Industries Ltd., an Indian renewable energy company, by $20 million, bringing its total stake to $130 million. The investment, structured through compulsorily convertible preference shares, will support SAEL's ambitious clean energy projects, encompassing 8.3 gigawatts of solar projects and a 3.5 GW solar module manufacturing capacity, as the company anticipates an initial public offering. SAEL projects substantial revenue growth from its biomass and independent power production business, forecasting an increase to 6.87 billion rupees in fiscal year 2025 from its fiscal year 2023 performance. The company aims to further elevate this revenue to 30.94 billion rupees by fiscal year 2027. Furthermore, SAEL plans an 82 billion rupee investment in a new, integrated manufacturing facility to bolster its expansion efforts.