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Entered into 25-year PPAs for 480 MW in Gujarat with GUVNL and 400 MW in Punjab with PSPCL, scheduled to commence operations within 24 months of signing
New Delhi, 18th August 2025: SAEL Industries Ltd. (SIL), an integrated renewable energy company, has signed two Power Purchase Agreements (PPAs) for solar photovoltaic (PV) power projects with a combined capacity of 880 MW (AC), including 400 MW in Punjab and 480 MW in Gujarat. These projects will add to SAEL’s solar Individual Power Production portfolio.
In Gujarat, SAEL, through its subsidiaries SAEL Solar P Sixteen Private Limited and SAEL Solar P Seventeen Private Limited, has signed a Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited (GUVNL) for a total capacity of 480 MW (AC) of solar photovoltaic (PV) power projects. This includes 240 MW initially allocated and an additional 240 MW awarded under the greenshoe option. The solar project is expected to achieve Scheduled Commercial Operation within 24 months from the PPA signing. GUVNL will procure the solar power at a tariff of ₹2.56 per kilowatt-hour (kWh) for 25 years.
Whereas, in Punjab, SAEL Solar P15 Private Limited has signed a PPA with the Punjab State Power Corporation Limited (PSPCL) for a 400 MW (AC) solar photovoltaic (PV) power project. Under the terms of the agreement, the solar power project will be developed in the state and is expected to be fully operational within 24 months from the signing of the agreement. PSPCL will purchase the solar power generated by the project at a tariff of ₹2.97 per kilowatt-hour (kWh) for 25 years.
Commenting on the achievements, Mr. Laxit Awla, Chief Executive Officer & Director, SAEL Industries Ltd., said: “The agreements with GUVNL and PSPCL reflect our long-term vision of contributing towards India’s clean energy future through large-scale, time-bound, and advanced technology renewable energy projects. These projects will not only support India’s renewable energy and decarbonization goals but also stimulate local development and job creation.”
SAEL’s renewable energy portfolio includes solar IPP assets with a capacity of 6.5+ GW, supported by its vertically integrated solar module manufacturing capabilities of 3.5+ GW, which leverage TOPCon technology. SAEL is also among India’s largest agricultural waste-to-energy power project developer and operator, processing nearly 2 million tonnes of biomass annually to generate 165+ MW of energy.
