New Delhi, May 30 -- SAEL Solar MHP1 Pvt Ltd, a subsidiary of SAEL Industries Ltd, on Friday announced that it has secured USD 132 million in debt financing from three global financial institutions - the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB), and Societe Generale - for the development of a solar power project in Andhra Pradesh.
Each institution will contribute USD 44 million, the company said, adding that the funding will support project execution and operationalisation in line with India's renewable energy targets. The project was awarded under a competitive auction process conducted by the Solar Energy Corporation of India (SECI).
"This is a significant milestone for SAEL Industries as we remain foc...