Net Zero Summit

SAEL Issues $161 Million Bonds to Boost India’s Largest Waste-to-Energy Initiative

SAEL, India’s waste-to-energy producer, has successfully issued AA-rated bonds worth INR 1,325 Crore (approximately USD $161 Million), rated by CRISIL.

The bonds were subscribed by a consortium of four leading institutions: India Infradebt Limited, Aseem Infrastructure Finance Limited, TATA Cleantech Capital Limited, and Kotak Infrastructure Debt Fund Limited.

The financing is denominated in INR and is set to mature in 2033. Barclays served as the sole arranger and structuring agent for the issuance. The proceeds from the long-term, secured, unlisted, rated, redeemable, non-convertible debt securities (NCDs) will support SAEL’s green energy initiatives.

SAEL has developed a business model that uses crop residues as fuel in waste-to-energy plants, reducing air pollution caused by the incineration of paddy residue.

SAEL plans to expand its renewable energy portfolio to 3.5 GW over the next four years, adding 100MW of new biomass and 600MW of new solar capacity annually.

The company in a statement said that it has the largest capacity for waste-to-energy generation and uses agricultural residue, paddy straw, to generate energy. The bond issuance marks a significant financial milestone and highlights the increasing commercial viability of cutting-edge, best-in-class green projects.