SAEL 300MW Renewable Energy Project (NDB-SAELSOLAR)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Andra Pradesh
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • New Development Bank (NDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
SAEL Solar MHP1 Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 205.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ NDB website

Updated in EWS Jan 6, 2025

Disclosed by Bank Jun 11, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the NDB, the Project involves the development of a 300 MW solar photovoltaic plant, a 70 kV sub-station and a 13 km 220 kV transmission line connecting the Project to the grid in Andra Pradesh, India. All power produced will be sold to the state-owned Solar Energy Corporation of India limited (“SECI”) on the back of a 25-year power purchase agreement (“PPA”) at a fixed tariff of INR 2.60/Kwh. The PPA was awarded through an open tender process. SECI will on sell the power to Gujarat Urja Vikas Nigam Limited, the holding company for all state utilities in the state of Gujarat, in India.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Devex, SAEL is a Punjab based group having a varied and rich experience of more than 36 years in agro-based industries. 

Their goal is to lead the transition towards a low-carbon economy, bringing technical excellence and innovation in all of their projects to design a better planet. They are committed to contributing to the economic and social development of the communities in which they operate.

They are a global group, that develops and manages sustainable infrastructure solutions, especially in renewable energy. Their business spans the entire value chain, from design and construction to operation and maintenance. They also operate one of Asia's largest food processing units, and solvent extraction plants besides warehousing and logistics capacities.

As stated on the company's website, Solar Energy Corporation of India Ltd. (SECI) is a CPSU under the administrative control of the Ministry of New and Renewable Energy (MNRE), set up on 20th September 2011 to facilitate the implementation of NSM and achievement of targets set therein. It is the only CPSU dedicated to the solar energy sector.

However, through a Government of India decision, the company has recently been converted into a Section-3 company under the Companies Act, 2013. The mandate of the company has also been broadened to cover the entire renewable energy domain.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Gujarat Urja Vikas Nigam Limited Buyer Energy contracts with Solar Energy Corporation of India Limited Buyer Energy
Solar Energy Corporation of India Limited Buyer Energy contracts with SAEL Industries Limited Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information though a form at the bottom of the following webpoage https://www.ndb.int/about-us/contact-us/. Alternatively, you can send an e-mail to info@ndb.int. 

ACCOUNTABILITY MECHANISM OF NEW DEVELOPMENT BANK

The New Development Bank (NDB) does not currently have an independent accountability mechanism to accept complaints related to NDB-financed projects. The Bank does have a whistleblower mechanism that receives complaints about misconduct related to corruption, fraudulent practices and instances of money laundering in projects financed by the NDB and/or against the NDB staff members. To learn more about the whistleblower mechanism and how to file a complaint, access this webpage at: https://www.ndb.int/about-us/whistleblowing/.

How it works

How it works