Norwegian Fund To Invest $62 Million In SAEL To Help Develop 3GW Renewables

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The new Norwegian Climate Investment Fund has said that it will be investing about NOK 600 million or $62 million (Rs. 500 crores) in equity in Sukhbir Agro Energy Limited (SAEL). As per the official statement of the fund, the investment will contribute to avoiding more than 2.8 million tons of CO2 emissions. Given the rising air pollution in the North-West part of India due to multiple challenges, the investment will also help improve air quality by reducing stubble burning.

SAEL is an Indian solar and agri waste-to-energy company based in New Delhi. The Norwegian Climate Investment Fund is managed by Norfund.

The new Norwegian Climate Investment Fund, managed by Norfund, announced in New Delhi that it is now investing equity in SAEL. The goal is to support the company’s ambition to grow its portfolio to 3GW over the next five years by adding 100MW of new biomass and 400MW of new solar capacity annually in addition to its existing portfolio of 600 MW.

Norfund said that each year farmers in Northern India are forced to burn crop stubble in their fields to remove paddy residue, resulting in severe air pollution in the region.

SAEL has developed a business model where crop residues are used as fuel in waste-to-energy projects. SAEL is an emerging renewable company in India with presence across solar and agri waste to energy projects. SAEL is India’s largest agri waste to energy producer. SAEL currently has more than 20 projects both operating and under construction in solar and agri waste to energy space.

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Crop stubble burning causes health challenges among a vast population. “We are thrilled to be able to contribute with the necessary financing for SAEL to reach its ambitions and contribute to reduce climate emissions and local pollution, while contributing to meet India’s energy needs”, said Mark Davis, EVP Renewable Energy, Norfund.

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Hans Jacob Frydenlund, Norwegian Ambassador, stated, “This investment not only increases the access to clean energy and improves incomes for farmers but can also reduce stubble burning related air pollution. I am happy that Norway can contribute to this through our new climate investment fund.”