Renewable energy firm SAEL has raised Rs 1,325 crore through the issuance of bonds.
"SAEL, India's largest waste-to-energy producer, has successfully culminated issuance of AA-rated bonds to the tune of Rs 1,325 crore. (approx $161 million)," a company statement said.
The bonds were subscribed by a consortium of four leading institutions, namely, India Infradebt Ltd, Aseem Infrastructure Finance Ltd, TATA Cleantech Capital Ltd, and Kotak Infrastructure Debt Fund Ltd, it stated.
This long-term financing is denominated in rupees and is slated to mature in 2033. Barclays acted as the sole arranger and structuring agent for the issuance, it added.
The proceeds from this long-term, secured, unlisted, rated, redeemable, Non-Convertible Debt Securities (NCDs) will give a major boost to SAEL's green energy initiatives, it informed.
"We contribute to combating one of our nation's greatest health issues by collecting the crop stubble to be used as fuel in our waste-to-energy plants. At the same time, we create local employment and generate additional income for farmers and local entrepreneurs," said Laxit Awla, CEO, of SAEL.
SAEL is an emerging renewable company with a presence across solar and agri waste-to-energy projects. It has developed a business model where crop residues are used as fuel in waste-to-energy plants situated in Punjab, Haryana, and Uttar Pradesh, and expansion in other regions such as Rajasthan is on track.
Each year farmers in northern India burn crop stubble in their fields to remove paddy residue, resulting in severe air pollution with devastating health effects in the region.
SAEL is utilising this agricultural waste as fuel to produce renewable power around the clock. The company's ambition is to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually.
