Norway's Norfund invests Rs.500-Cr in waste-to-energy converter SAEL

Norway's state-owned Norfund (via Norwegian Climate Investment Fund) has invested about USD 60 million (approximately INR 500 crore) in Delhi-based solar and agri waste-to-energy converter SAEL, which uses stubble left as a by-product of rice cultivation to generate energy. It claims to have the capacity of waste-to-energy generation plants of around 160 gigawatts. SAEL provides employment opportunities to farmers by setting up the energy plants in rural areas near cultivable lands and creates sources of additional income for the farming community when the company purchases stubble from them. SAEL has a target to reach 3 gigawatts of renewable energy generation within the next five years. Norfund's equity stake in the company will be determined at the time of the initial public offering.