Commercial and industrial PV developer Cleantech Solar has announced the financial close of an INR 2 billion senior secured loan facility with NIIF IFL, an infrastructure debt fund set up by the National Investment and Infrastructure Fund (NIIF). The company shall use the amount for the company’s open access solar projects in India.
Headquartered in Singapore, Cleantech Solar is backed by Royal Dutch Shell and Climate Investor One (managed by Climate Fund Managers). It has over 600 MWp of solar portfolio across India and Southeast Asia. These projects are in various stages of operations, construction, and development.
Last year, the company secured Asia Pacific’s largest green loan of US $75 million from ING bank and also has loan facilities from SBI-World Bank and Tata Cleantech Capital.
The loan facility from NIIF will refinance the company’s existing loans on operating Open Access projects in India and help optimize the overall capital structure and funding costs for the portfolio.
“The adoption of renewable energy by C&I customers from open access projects can drive the next phase of India’s energy transition. C&I offtake of renewable energy is expected to witness significant growth and Cleantech Solar being one of the leading players in this segment is well-positioned to capitalize on this opportunity. NIIF IFL is delighted to have partnered with Cleantech Solar by extending a debt facility to support their business,” said Debabrata Mukherjee, chief business officer of NIIF IFL.
Raju Shukla, founder and chief executive officer of Cleantech Solar, said, “Cleantech Solar is steadfastly focused on delivering reliable and high-quality solar solutions to our customers, helping them meet their energy requirements and providing long-term energy security whilst contributing towards their sustainability goals. Our partnership with NIIF is a pivotal step in our journey to realize these long-term goals.”
Nathan Schmidt, Regional Head Asia at Climate Fund Managers, added: “The new INR 2 billion senior secured loan facility further empowers Cleantech in their mission to initiate an energy transition in the region, an integral component to limiting the effects of climate change worldwide.”
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