With $950M Solar Factory, India Makes Push To Cut China Dependency

India-West News Desk

NEW DELHI — In a landmark move for India’s renewable energy sector, SAEL Industries Ltd has announced plans to invest ₹7,960 crore ($954 million) in a massive new solar manufacturing facility in Uttar Pradesh. The integrated plant, to be built in Greater Noida, will produce 5 gigawatts (GW) of solar cells and modules annually—making it one of the largest single investments in India’s solar manufacturing ecosystem to date.

Once operational, the facility will bring SAEL’s total module manufacturing capacity to 8.5 GW, significantly bolstering the country’s domestic supply chain as India shifts away from dependence on Chinese imports. Construction on the new plant is set to begin later this year.

The investment comes amid a major policy shift: starting June 2026, only domestically manufactured solar cells and modules from approved vendors will be eligible for use in government-supported solar projects. India currently has 80 GW of module capacity, but only about 15 GW of cell capacity—highlighting the critical need for vertical integration in the sector.

SAEL, which already operates a portfolio of solar assets totaling over 6.7 GW in capacity across operational and construction phases, has set a target of expanding that to 10 GW within three years. The company has raised over $2.4 billion in equity and debt, including a $305 million green bond issued in 2024.

In addition to solar, SAEL’s revenue from its biomass and independent power generation businesses nearly doubled to ₹6.87 billion in FY 2025 compared to FY 2023. The company projects those revenues to climb to ₹30.94 billion by FY 2027.

The Greater Noida facility marks a pivotal moment in India’s solar ambitions—underscoring SAEL’s role as a major player in accelerating the nation’s clean energy transition.