NEW DELHI : The Norwegian Climate Investment Fund, managed by Norfund has announced to invest about ₹500 crore in SAEL, an Indian solar and agri waste-to-energy company.
A statement from the Norwegin embassy in New Delhi said that the investment will contribute to avoiding more than 2.8 million tons of CO2 emissions and improving air quality by reducing stubble burning.
“The new Norwegian Climate Investment Fund, managed by Norfund, announced at an event in New Delhi on 15 January that it is now investing equity in SAEL. The goal is to support the company’s ambition to grow its portfolio to 3GW over the next five years by adding 100MW of new biomass and 400MW of new solar capacity annually in addition to its existing portfolio of 600 MW,” it said.
Each year farmers in Northern India are forced to burn agri-stubble in their fields to remove paddy residue, resulting in severe air pollution in the region. SAEL has developed a business model where crop residues are used as fuel in waste-to-energy projects. SAEL has more than 20 projects both operating and under construction in solar and agri-waste to energy space.
Commenting on the development, Hans Jacob Frydenlund, the Norwegian ambassador to India said: “This investment not only increases the access to clean energy and improves incomes for farmers but can also reduce stubble burning related air pollution. I am happy that Norway can contribute to this through our new climate investment fund.”
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Wanda Beck is a technology reporter who covers the intersection of business and crypto. A native of Boston, Wanda spent almost five years at The Boston25News, where she wrote extensively about the media industry's struggle to adapt to the Internet.
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