Renewable energy firm SAEL on Tuesday said it has secured $1 billion funds from various financial institutions, including Norfund, DFC, ADB, and Tata Cleantech, to finance its renewable energy portfolio.

The investment will be used to expand the company's solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector, a company statement said. 

According to the statement, SAEL—an Indian renewable energy company specialising in solar and waste-to-energy projects—announced forging of partnerships and securing financial closure for capital totalling up to USD 1 billion at an event in New Delhi. 

The event was attended by the Ambassador of Norway, Deputy Chief of Mission, United States, and other dignitaries.

Norfund, DFC, ADB, Tata Cleantech were the major participants in the capital raise, besides other financial institutions.

In addition to the $1 billion partnership announcement, SAEL has plans to complete capital expenditure of Rs 15,000 crore in FY25 and execute 2-2.5 GW renewable capacity every year to reach its 10 GW target in the next four years, it stated.

"We have been thrilled to partner with SAEL for the past year, and we are happy to be able to finance further the company's effort to reach its ambitious targets for increasing its renewable energy capacity, in line with the mandate Norfund has for the management of the Norwegian Climate Investment Fund," Norfund CEO Tellef Thorleifsson said in the statement.

US Deputy Chief of Mission Patricia Lacina said in the statement, "DFC's Investment in SAEL will increase renewable energy capacity, reduce particulate matter, and support increased farmer incomes."

SAEL chairman and managing director Jasbir Singh said, "These partnerships will propel us to new heights in our mission to provide sustainable energy solutions to the people of India."