Harayana-based SAEL Industries Ltd is investing INR 8,200 crore ($954 million) in a 5 GW solar plant in Greater Noida. The plant is scheduled to begin construction in 2025, will raise SAEL’s total module capacity to 8.5 GW. This expanded capacity aligns with India’s 2026 mandate requiring government projects to use domestically manufactured solar cells. Domestic supply, however, remains limited, with India holding 80 GW of module capacity but only 15 GW of cell capacity. Cell shortages have left most modules reliant on Chinese imports. Imports persist even as SAEL operates 6.7 GW of solar assets and aims for 10 GW within three years. That capacity is projected to reach 18–20 GW by 2030. Financially, SAEL has raised $2.4 billion, issued a $305 million green bond, and grown FY2025 revenue to INR 687 crore ($79.89 million), targeting INR 3,094 crore ($359.81 million) by FY2027.