Sunsure Energy secures INR 262 crore in debt financing for 75 MWp open access solar project in Tamil Nadu

Sunsure Energy, a renewable energy solutions provider for businesses and utilities, today announced that it has secured a total debt commitment of INR 262 crore for its open access solar project at Ilayangudi, Tamil Nadu.

The financing is led by FMO, the Dutch entrepreneurial development bank, which holds the majority of the debt, with the balance of approximately INR 71 crore sanctioned by Axis Bank, one of the largest private-sector banks in India. The transaction represents FMO’s first project financing in the group captive commercial & industrial (C&I) renewable energy space in India.

The proceeds will fund the development and construction of the 75 MWp solar project at Ilayangudi, Tamil Nadu. The project will supply clean power to commercial and industrial offtakers across the State under the open access route, supporting their transition to renewable energy.

FMO’s participation is aligned with its energy-sector strategy of backing fully green initiatives globally, supporting local renewable energy developers in their growth, and helping close the financing gap in the market.

Axis Bank’s participation reflects its continued commitment to accelerating India’s energy transition, supporting renewable energy capacity creation that enables the country’s industrial sector to decarbonise at scale.

“This financing is a strong endorsement of Sunsure’s credentials as a leading catalyst of Corporate India’s industrial decarbonization,” said Shashank Sharma, Founder, Chairman & CEO of Sunsure Energy. “FMO’s and Axis Bank’s trust in our vision, execution capabilities and governance strengthens our resolve and reinforces our commitment to build a next generation energy platform that supports sustainable, climate aligned businesses in India that Make in India for the world.”