CRISIL Upgrades Ratings of Seven SAEL Industries SPVs

CRISIL Ratings has upgraded the credit ratings of seven special purpose vehicles of SAEL Industries across its Agri waste-to-energy plants and solar businesses.

July 08, 2026. By Mrinmoy Dey

CRISIL Ratings has assigned ratings to seven special purpose vehicles (SPVs) of SAEL Industries. These include five Agri waste-to-energy SPVs in Rajasthan and two solar IPP SPVs.

The agency has assigned Provisional CRISIL A-/Stable on the long-term bank facilities, three notches above the previous ratings, and CRISIL A2+ on the short-term bank facilities to five Agri waste-to-energy plants in Rajasthan. These include Chattargarh Renewable Energy, TNA Renewable Energy, Sardarshahar Agri Energy, KTA Powers, and VCA Power.

Separately, the solar IPP SPVs Sunfree North East Renewable Energy and Sunfree Energy RJP1 have been assigned CRISIL BBB+/Stable, two notches and one notch above their previous ratings, respectively.

Earlier this year, CRISIL Ratings assigned A-/Stable and A2+ ratings to SAEL Industries at the corporate level.

SAEL Industries has also secured SEBI's approval for its DRHP as it moves toward a public listing. The company operates in the Agri waste-to-energy, utility-scale solar, and solar module manufacturing sectors. The recent credit rating enhancements bolster the group's financial standing as it expands its clean energy presence throughout India.

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SAEL Agri waste-to-energy plants in Rajasthan

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SAEL SPVs credit rating