Indian Economy News

Norway’s Climate Investment Fund to invest US$ 62 million (Rs. 500 crores) in the Indian green energy firm SAEL

  • IBEF
  • January 17, 2023

It has been informed that the Norwegian Climate Investment Fund which is managed by Norfund will be investing around US$ 62 million (Rs. 500 crores) in the shares of Erstwhile Sukhbir Agro Energy Limited (SAEL), which is an emerging Indian renewable company with its presence across solar and agri waste-to-energy projects.

As per a release, Norfund said the investment will contribute to avoiding more than 2.8 million tonnes of carbon dioxide emissions, besides improving air quality through the reduction of stubble burning. SAEL has developed a business model where crop residues from stubble burning are used as fuel in waste-to-energy projects, which contributes to combat India’s one of the greatest health issues, and at the same time, creating local employment and extra income for farmers and local entrepreneurs. SAEL currently has more than 20 projects, including operations and under construction.

Mr. Hans Jacob, the Norwegian Ambassador said that along with increasing access to clean energy and improving incomes for farmers, this investment would also help in reducing stubble burning-related air pollution. He added that he’s happy that Norway can contribute to this through their new climate investment fund.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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