According to a statement, Norway's state-owned Norfund has invested Rs500 crore in waste-to-energy maker SAEL for an undisclosed stake.
SAEL, based in Delhi, has the most waste-to-energy generation plants, with a capacity of around 160 gigatonnes. The company generates energy from stubble left over from rice cultivation.
According to Awla, SAEL also creates employment opportunities for farmers by locating energy plants in rural areas near cultivable lands and generates additional income for the farming community by purchasing stubble from them.
Norfund is the Norwegian government's investment fund dedicated to investing in impactful projects in developing countries.
It has invested out of its climate investment fund.
According to SAEL's chief investment officer, Varun Gupta, Norfund's equity stake in the company will be determined at the time of the initial public offering.
SAEL aims to generate 3 gigatonnes of renewable energy over the next five years. It has an ambitious investment plan for renewable energy development worth Rs10,000 crore.
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