Published by Global Banking & Finance Review®
Posted on October 9, 2025
2 min readLast updated: January 21, 2026
Norfund invests $20M in SAEL Industries ahead of its IPO, focusing on clean energy projects in India.
By Sethuraman N R
NEW DELHI (Reuters) -Norwegian state-owned fund Norfund has pumped $20 million into India's SAEL Industries Ltd, taking its total investment to $130 million ahead of the renewable energy firm's planned initial public offering, according to a document.
Norfund has invested the amount through compulsorily convertible preference shares, like the previous transactions, and they will be converted into equity once SAEL is listed on Indian exchanges, two sources familiar with the move said.
The funds will be invested in clean energy projects the Indian company has won through bidding.
SAEL's clean energy portfolio includes 8.3 gigawatts (GW) of solar projects (operational and in the pipeline), 3.5 GW of solar module manufacturing and over 165 megawatts of agri-waste-to-energy capacity with 11 biomass power plants across Punjab, Rajasthan and Haryana.
The company will invest 82 billion rupees to establish an integrated 5 GW solar cell and 5 GW solar module manufacturing facility in Greater Noida, Uttar Pradesh.
SAEL is in the process of filing its draft prospectus for the IPO and is yet to finalise the amount it intends to raise, the sources said.
SAEL's revenue from its biomass and independent-power-production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023.
The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
Norfund and SAEL did not respond to Reuters' inquiry seeking comments on the transaction.
(Reporting by Sethuraman NR; Editing by Shreya Biswas)
An initial public offering (IPO) is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
Renewable energy refers to energy derived from natural sources that are replenished at a faster rate than they are consumed, such as solar, wind, and hydroelectric power.
Equity investment involves purchasing shares of a company, giving investors ownership stakes and the potential to earn returns through dividends and capital appreciation.
Clean energy is energy that is produced with minimal environmental impact, typically from renewable sources like solar, wind, and hydroelectric power, which reduce greenhouse gas emissions.
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