Cleantech Solar, a renewable energy solutions provider to corporates in India and Southeast Asia, has secured a long-term senior secured loan facility worth INR 6.25 billion from Tata Capital Ltd for its open access portfolio in India. A part of the drawdown has been done and the balance will be done in 2024 to meet the funding requirements of Cleantech’s under-construction pipeline of open access projects, stated the developer.
Cleantech Solar will utlize the Rupee Term Loan (RTL) for the construction, development, and operations of open-access solar and wind parks across different states in India. Currently, its commercial and industrial (C&I) portfolio is 1.2 GWp. The renewable energy generated from these open-access projects will be procured by corporate consumers on a captive basis to power their manufacturing/business operations. The projects cater to customers across sectors including automotive, FMCG, apparel, industrial equipment, and chemical manufacturing, amongst others.
Sachin Jain, chief executive officer of Cleantech Solar, said, “This financing from Tata Capital will expedite the deployment of our open-access renewable energy projects in India, delivering sustainable power to leading global corporates. It underscores our commitment to strengthening these collaborations and accelerating our journey towards a carbon-free future.”
“This loan facility will facilitate access to affordable green power across corporates from varied sectors and geographies thus meeting their carbon footprint targets. Since the market is still in nascent stage, such innovative capital solutions will be critical to bridge the financing gap to accelerate the shift to renewable energy. With our wide array of sustainable lending solutions and deep understanding of the market, we are committed to enhance and support partnerships to scale up the implementation of open access projects and country’s climate goals,” added Pankaj Sindwani, chief business officer-Cleantech Finance, Tata Capital.
Headquartered in Singapore, Cleantech Solar has numerous solar and wind projects across India and Southeast Asia, covering around 1.2 GWp of assets in operations, construction and development stages. This includes installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam. The company is backed by long-term strategic shareholders, Keppel Ltd., Keppel Asia Infrastructure Fund and Shell Singapore.
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