India has set an ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030, including 280 GW from solar energy, as part of its commitment under the Paris Agreement and its broader aim to achieve net-zero emissions by 2070.
The country has made substantial progress in adding solar and wind capacity, emerging as one of the world’s leading renewable energy markets.
The government claims the country is on track to fulfilling the goal, having crossed 223 GW of non-fossil fuel capacity already.
SAEL- a leading player in the country’s renewable energy industry, is playing a crucial role by providing services in both solar and waste to energy projects.
“We firmly believe that a solar-plus-biomass hybrid model can be highly effective, provided there is an enabling policy framework to support its growth,” Laxit Awla, CEO of SAEL told Invezz in an interview.
Awla opens up about the company’s 5-year plans, a planned IPO and what differentiates the approach of Indian institutional investors from their foreign counterparts when it comes to investing in clean energy.
Awla also details why the agri-waste-to-energy sector remains underdeveloped despite the abundance of agri-residue, how storage infrastructure is key to India’s solar growth, and the challenges and opportunities that US reciprocal tariffs against Indian solar PV modules could produce.
Excerpts:
Aim to multiple current portfolio by 2030 betting on solar plus biomass hybrid model
Invezz: SAEL has grown rapidly in both renewable energy and agri-waste-to-energy. What’s the long-term vision for the company over the next 5–10 years?
With the expansion of India’s renewable energy base and the introduction of supportive policy interventions, SAEL Industries Limited remains confident in maintaining a robust growth trajectory.
We have recently announced plans to establish an integrated 5 GW solar cell and 5 GW solar module manufacturing facility in Uttar Pradesh.
In the solar IPP segment, our portfolio exceeds 7.5 GW, with projects strategically located across the country.
We are also focused on scaling our agri waste-to-energy business, with a strong focus to grow in additional states, while further expanding our presence in Punjab, Rajasthan, and Haryana.
SAEL is recognized among the leading manufacturers of TOPCon solar modules in India, currently operating 3.7 GW of solar module assembly lines in Rajasthan and Punjab.
Furthermore, we remain proactive in exploring new market opportunities within the clean energy sector, particularly as generation technologies advance and become increasingly cost-effective.
Our future strategic interests include battery storage solutions and hybrid power plants.
We firmly believe that a solar-plus-biomass hybrid model can be highly effective, provided there is an enabling policy framework to support its growth.
Looking ahead, and based on our consolidated projections, SAEL aims to multiply its current portfolio by 2030.
Collaboration with government agencies
Invezz: How is SAEL leveraging vertical integration across solar manufacturing, power generation, and agri-waste-to-energy to build an ecosystem aligned with India’s energy transition goals?
SAEL Industries Limited is committed to delivering enhanced value to our stakeholders throughout the energy value chain, which remains central to our business strategy.
We collaborate actively with government agencies and local bodies to advance workforce skills and foster sustainable community engagement and development.
Our dedication to a sustainable future is demonstrated by our initiatives to reduce emissions, convert waste into energy, promote energy self-sufficiency, financially empower rural communities, advance solar PV module manufacturing, and optimize resource utilization.
As an Independent Power Producer (IPP), we develop, construct, own, and operate utility-scale solar projects and currently these projects are located in Maharashtra, Karnataka, Haryana, Delhi, Assam, Punjab, Uttar Pradesh, and Mizoram, with upcoming projects in Rajasthan, Gujarat, and Andhra Pradesh.
We possess robust in-house capabilities for the operations and maintenance of these solar power plants.
We have established long-term Power Purchase Agreements (PPAs) with distribution companies (DISCOMs), ensuring predictable returns on investment.
Furthermore, we are actively engaged in strengthening the agri waste-to-energy supply chain to ensure a consistent year-round fuel supply.
We source boiler components designed to rigorous European standards – from reputable local manufacturers, ensuring high-quality and compliance.
On fundraising, planned IPO and international expansion plans
Invezz: You have rasied over ₹8,500 crore raised from global investors and have an IPO planned IPO- what opportunities do these unlock for you?
As stated previously, we remain open to exploring emerging technologies in power sector that support the delivery of cleaner, more sustainable electricity for all.
We adopt a prudent approach to business expansion, prioritizing long-term value creation for our investors while ensuring that every initiative aligns with both commercial viability and India’s net-zero ambitions.
We are confident in our ability to drive new synergies within the energy ecosystem, drawing on our solid track record of consistent organic growth in recent years.
Our unwavering focus on safety, quality, cost efficiency, and timely delivery has enabled us to successfully extend our operations across new regions within India, and we are prepared to leverage our expertise to pursue international expansion opportunities as well.
Gaps in government initiatives to reduce stubble burning and how SAEL is mitigating the issue
Invezz: Agri-waste to energy has tremendous potential in India but remains a comparatively untapped business opportunity. What do you think are the challenges in the business sector and what are the factors that have worked for SAEL?
India annually produces over 200 million tonnes of agricultural residue, a significant portion of which is burned, thereby exacerbating climate change and contributing to severe air pollution.
Despite this abundant resource, the agri-waste-to-energy sector remains underdeveloped due to challenges such as fragmented biomass supply chains and policy gaps.
SAEL Industries Limited is distinguished as world’s first 100% paddy-based agricultural waste-to-energy operators, processing nearly 2 million tonnes of paddy straw annually across 11 plants with a total capacity of 165 MW nationwide.
As India’s largest single industrial offtaker of paddy straw, SAEL’s operations directly contribute to reducing stubble burning by empowering farmers to generate additional income through the sale of paddy waste for biomass power generation.
This practice concurrently aids in mitigating the severe air pollution that affects Northern India during the winter months.
Addressing these challenges, it is apparent that government initiatives have primarily focused on subsidizing equipment for stubble management (such as baling), but have yet to streamline the agri-waste-to-energy sector comprehensively.
Effectively managing 200 million tonnes of agricultural residue necessitates the development of a robust ecosystem for its conversion into clean electricity.
Promoting the establishment of waste-to-energy power plants, like those operated by SAEL, would facilitate the efficient and timely utilization of agricultural residue.
These power plants provide sustainable alternatives to stubble burning and help preserve soil fertility, supporting environmental and economic sustainability.
How energy storage is emerging as the missing link in India’s solar ambitions
Invezz: Some experts have predicted a tepid growth in solar power output for the next 4-5 years until India has sufficient energy storage capacity. What are your thoughts and views?
As of mid-2025, India’s cumulative solar capacity has surpassed 80 GW, marking significant progress in the country’s renewable energy transition.
However, the expansion of solar power output is expected to be moderate over the next four to five years, primarily due to a critical deficit in energy storage infrastructure.
The inherent intermittency of solar generation necessitates adequate storage solutions to match supply with demand; without this, a substantial portion of generated solar power remains unusable when needed.
Grid congestion and limited storage buffers have already resulted in curtailment rates ranging between 15–20% in high solar generation states such as Gujarat and Rajasthan, directly impacting renewable energy utilization and revenue streams.
India’s National Energy Storage Mission ambitiously targets the deployment of 50 GW of battery storage capacity by 2030.
Presently, the installed battery capacity stands at under 5 GW, complemented by approximately 4.7 GW from pumped hydro storage.
Government initiatives to address the issue and what needs to be done
This current scale of storage infrastructure is insufficient to meet the demands of the government’s broader renewable energy goal of 500 GW of installed non-fossil fuel capacity by 2030.
To address this challenge, Government initiatives such as Viability Gap Funding (VGF) have been launched to incentivize investments in energy storage solutions.
Industry leaders, including SAEL Industries Limited, are actively exploring investments in hybrid power systems – particularly solar-plus-storage models – and utility-scale projects that integrate peak-demand management and time-of-day (ToD) tariff considerations into their design and operation.
Encouragingly, a near 15% annual decline in global battery costs underpins a positive outlook for scaling energy storage deployment, improving project economics and accelerating adoption rates.
In summary, the critical bottleneck in India’s solar energy growth is not generation capacity or demand but rather the lack of synchronized and adequate storage infrastructure.
Bridging this gap within the next four to five years will be essential to unlocking the full potential of India’s renewable energy transition and achieving national decarbonization targets.
How Indian and foreign institutions differ in their approach towards investing in clean energy
Invezz: You have attracted funding from both Indian and foreign institutions. How would you differentiate the two when it comes to their outlook towards investing in clean energy?
We see a clear distinction between how Indian and international organizations approach investments in clean energy.
Foreign investors, especially DFIs and ESG funds, contribute a long-term, impact-driven viewpoint with a focus on sustainability, carbon reduction, and scalable climate solutions.
In general, they are more open to patient capital and blended finance models.
Our Indian institutions, on the other hand, provide crucial commercial discipline.
They ground our work with a sharp focus on financial viability, steady cash flows, and proven technologies.
They are more return-focused. However, their interest in green finance is growing, especially in relation to hybrid models and green bonds.
This combination of global climate capital and local market depth has been largely responsible for SAEL’s growth.
Tackling US tariff on solar PV module exports from India: challenges and opportunities
Invezz: The US has imposed a new reciprocal tariff on solar PV modules imported from India. While this is a significant increase, India still faces lower tariffs than major exporting nations to the USA. What kind of export challenges and opportunities does this open up for the industry ?
The recent 26% US tariff on Indian solar PV modules adds cost pressure, but India still enjoys a relative edge over major exporters like China, which faces over 60% duties and import restrictions.
While this move may temporarily slow Indian exports – especially as domestic module prices remain higher (around $0.30/Wp vs $0.17–0.19/Wp from Southeast Asia) – it also opens strategic opportunities.
With China constrained, India is well-placed to fill the supply gap, backed by its fast-growing manufacturing base projected to reach 100 GW modules and 50 GW cells by 2026.
The tariff could act as a catalyst, pushing Indian players to diversify beyond the US, tap markets in the EU, Middle East, and Africa, and move up the value chain with advanced technologies like TOPCon and HJT.
In short, while the tariff is a near-term challenge, it reinforces the case for India to emerge as a resilient, next-gen global solar manufacturing hub.
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