CRISIL Ratings has upgraded the credit ratings of five Special Purpose Vehicles (SPVs) of SAEL Industries Limited (SIL), covering 4.4 GW of solar power generation and PV manufacturing assets, citing strong operational performance and prudent financial management across the group’s renewable energy businesses.

The upgraded entities include two solar PV module manufacturing SPVs—SAEL Solar P6 (3.4 GW) and SAEL Solar MFG (225 MW)—and three solar Independent Power Producer (IPP) SPVs—SAEL RE Power (50 MW), SAEL Solar P4 (400 MW), and SAEL Solar MHP2 (300 MW).

SAEL Solar P6 has been assigned a long-term rating of ‘A- (Stable)’ and a short-term rating of ‘A2+’, marking a two-notch upgrade from its earlier rating. SAEL RE Power has also received a ‘A- (Stable)’ rating, reflecting a two-notch improvement. SAEL Solar P4 and SAEL Solar MHP2 have each been assigned ‘BBB+ (Stable)’ ratings, representing a one-notch upgrade.

Meanwhile, SAEL Solar MFG has been assigned a ‘BBB+ (Stable)’ long-term rating along with a ‘A2’ short-term rating, which is two notches higher than its previous rating level.

According to CRISIL, the upgraded ratings reflect SAEL’s revenue stability, healthy debt coverage metrics, and strong execution capabilities across its solar power generation and solar PV module manufacturing operations. The improved credit profile is expected to enhance the group’s access to competitive financing as it continues to scale up its renewable energy portfolio.

SAEL Industries Limited is an integrated renewable energy company with operations spanning Agri Waste-to-Energy (WTE), utility-scale solar IPP projects, and solar PV module manufacturing. The company has a solar IPP portfolio of 8.3 GWp (DC), including operational and under-pipeline projects, along with Battery Energy Storage System (BESS) projects across India. SAEL also operates 3.6 GW of solar module manufacturing capacity.

In the Agri WTE segment, SAEL operates 150 MW of projects, with an additional 15 MW under construction. The company is also developing an integrated 5 GW solar cell and 5 GW solar module manufacturing facility at Greater Noida, Uttar Pradesh.

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