SAEL achieves financial closure for 300 MW solar project in Andhra Pradesh

SAEL Solar MHP1 Private Limited, a special purpose vehicle (SPV) of Sukhbir Agro Energy Limited (SAEL), has achieved financial closure for a 300 MW solar project in Kurnool, Andhra Pradesh. The project is part of the 600 MW Inter-State Transmission System (ISTS)-Connected Solar Power Project (Tranche-XI) awarded by the Solar Energy Corporation of India (SECI).

The SPV has secured Rs 11.27 billion (USD 132 million) in long-term debt financing. Funding includes Rs 3.76 billion (USD 44 million) each from the Asian Development Bank (ADB), the New Development Bank (NDB), and Societe Generale.

SAEL had won the 600 MW capacity in SECI’s Tranche-XI auction held in July 2023 at a tariff of Rs 2.6 per kWh.

SECI had invited bids for Tranche-XI in March 2023 for setting up 2,000 MW of ISTS-connected solar power projects across India.

SAEL is developing the 600 MW capacity in two phases under a build, own, and operate (BOO) model at Thollamadugu and Korumanipalle villages in Kolimigundla tehsil, Kurnool district. The two SPVs handling the project are SAEL SOLAR MHP1 Private Limited and SAEL SOLAR MHP2 Private Limited.