Norway’s Climate Investment Fund Norfund to Invest Rs 500 Cr in SAEL
The Norwegian Climate Investment Fund, managed by Norfund, is investing about Rs 500 crore through equity capital in SAEL, said the company sources.
January 16, 2023. By Manu Tayal
SAEL (Sustainable and Affordable Energy for Life) is a renewable company in India with presence across solar and agri waste-to-energy projects.
The company has developed a business model where crop residues are used as fuel in waste-to-energy projects.
Through this investment, the fund aims to support the company’s ambition to grow its portfolio to 3 GW over the next five years by adding 100 MW of new biomass and 400 MW of new solar capacity annually in addition to its existing portfolio of 600 MW.
Commenting on the partnership, Ylva Lindberg, Executive Vice President on Strategy and Communications, Norfund, said, “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.”
“India succeeding in its green transition is key for the world to succeed in combating global warming, and I am happy that Norway can contribute to this through our new climate investment fund,” said Norwegian Ambassador Hans Jacob Frydenlund.
“By collecting the crop stubble to be used as fuel in our waste-to-energy plants, we contribute to combat one of our nation’s greatest health issues. At the same time, we are creating local employment and generating extra income to farmers and local entrepreneurs. We are happy to have Norfund partnering with us in these efforts. This partnership with Norfund will fast track implementation of these projects making us one of the leaders in this space” said Jasbir Awla, Chairman and Managing Director of SAEL Ltd.
The investment is estimated to contribute to the avoidance of 7,9 million tons of CO2 annually, based on the current Indian energy mix and increase air quality by reducing stubble burning.
Fine particle matter (PM 2.5) levels rise with the yearly burning of crop stubble and contribute to some of the world’s worst air quality. High levels of PM 2.5 have been linked to health effects such as asthma and decreased lung function, and the burning of crop stubble also contributes to reduced soil quality, requiring increased use of chemicals which causes other health issues.
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