SAEL Industries Secures 880 MW Solar PPAs in Gujarat and Punjab
SAEL Industries, a leader in India’s renewable energy sector, has secured two major power purchase agreements (PPAs) totaling 880 MW of solar capacity. The projects include 480 MW in Gujarat and 400 MW in Punjab, significantly boosting the nation’s clean energy transition.
Strategic Solar Expansion in Gujarat and Punjab
Gujarat’s solar adoption continues to accelerate, with GUVNL committing to 480 MW through SAEL’s innovative ‘greenshoe option’ structure. This allows for flexible capacity expansion without bureaucratic hurdles. Punjab’s PSPCL has contracted a straightforward 400 MW deal, with both projects targeting completion within 24 months.
Record-Low Tariffs Disrupt Energy Market
The projects feature industry-disrupting tariffs of INR 2.56/kWh (Gujarat) and INR 2.97/kWh (Punjab). SAEL’s vertically integrated model – encompassing panel manufacturing through project execution – enables these aggressive rates. Their in-house production of high-efficiency TOPCon solar modules plays a crucial role in cost optimization.
SAEL’s Growing Renewable Portfolio
Beyond these PPAs, SAEL boasts an impressive 7.7 GW solar asset pipeline and 8.5 GW manufacturing capacity. The company has strategically diversified into agri-waste energy projects, positioning itself as a comprehensive renewable solutions provider.
India’s Solar Market Transformation
With tariffs consistently below INR 3/kWh, solar energy has become the economic choice over fossil fuels. SAEL’s 24-month development timeline highlights the industry’s maturation, leveraging standardized processes refined across 7.7 GW of previous projects.
These landmark agreements demonstrate India’s solar sector maturity, with developers like SAEL delivering bankable projects at tariffs that challenge conventional power economics. The 25-year PPAs provide long-term stability for both developers and utilities in India’s evolving energy landscape.
