Cleantech Solar Secures INR 855 Crore Long-Term Green Financing from Aseem Infrastructure Finance Towards Advancement of Open Access Portfolio in India
Jun 25, 2024
BusinessWire India
Mumbai (Maharashtra) [India], June 25: Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, is pleased to announce the financial close of a long-term senior secured loan amounting to INR 855 crores from Aseem Infrastructure Finance Limited for the advancement of its open access Commercial and Industrial (C&I) portfolio in India.
The Rupee Term Loan (RTL) will be deployed towards construction, development and operations of Cleantech Solar's 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. These projects will serve clients spanning several sectors, such as real estate, automotive, chemical manufacturing and iron and steel. As the demand for sustainable energy solutions continues to rise, Cleantech Solar is committed towards rapidly expanding its portfolio, currently at 1.2 GWp, and helping leading businesses make the switch to renewable energy.
Virender Pankaj, CEO of Aseem Infrastructure Finance Limited, said:
"Aseem Infrastructure Finance is glad to partner with Cleantech Solar to provide long-term debt financing that will significantly contribute to the expansion of their Open Access green energy portfolio. 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 MWdc capacity across 13 SPVs, spread over four states and having a very diversified offtaker composition. This collaboration with Cleantech Solar reiterates our unwavering dedication to sustainability and our confidence in the transformative potential of renewable energy projects. We look forward to continuing and further strengthening our partnership with Cleantech Solar in future."
Sachin Jain, CEO of Cleantech Solar, said:
"It has been an honour to be the preferred renewable energy partner for some of the world's leading corporations, helping them run operations sustainably and economically whilst contributing to a greener grid. 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. My congratulations to both teams for this long-term partnership!"
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