Cleantech Solar secures INR 855 crore debt finance to advance C&I portfolio in India

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Cleantech Solar, a pan-Asia supplier of renewable energy to corporates, has announced the financial close of a long-term senior secured loan amounting to INR 855 crore from Aseem Infrastructure Finance Ltd. It will use the amount to advance its open-access commercial and industrial (C&I) portfolio in India.

Cleantech Solar said it will deploy the Rupee Term Loan (RTL) towards construction, development and operations of its open-access solar and wind parks across multiple Indian states. Power from these renewable energy parks will be purchased by corporate clients on a captive basis for their business operations.

The projects will serve clients spanning several sectors, such as real estate, automotive, chemical manufacturing and iron and steel.

Currently, Cleantech Solar has a portfolio of 1.2 GWp, helping leading businesses make the switch to renewable energy.

Virender Pankaj, CEO of Aseem Infrastructure Finance Ltd, said, “At Aseem Infra, we are committed to driving the growth of the renewable energy sector by providing bespoke debt financing solutions that cater to the unique needs of our clients. As a testament to this, current debt solution was meticulously structured to meet the financing requirements of C&I project base of 253 MW DC capacity across 13 special-purpose vehicles, spread over four states and having a very diversified offtaker composition.”

Sachin Jain, CEO of Cleantech Solar, said, “This financing from Aseem Infrastructure Finance will accelerate the implementation of our open access renewable energy projects in India and help advance towards a more resilient and environmentally conscious energy landscape, driving positive change for both the industry and the planet.”

Headquartered in Singapore, Cleantech Solar has numerous solar and wind hybrid projects across India and Southeast Asia, covering approximately 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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