Asian Development Bank to provide Rs 754 cr loan to SAEL Industries

Asian Development Bank (ADB) will provide a loan up to Rs 754 crore to SAEL Industries Ltd for setting up of biomass power plants in Rajasthan.

The lender and SAEL have entered into a loan agreement, according to a release on Friday.

SAEL is a solar and agricultural waste-to-energy company. It has developed a business model where crop residues are used as fuel in waste-to-energy projects.

The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually.

"ADB's support will fund the construction of five biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan," SAEL said in the release.