Cleantech Solar on Tuesday announced the financial close of a ₹855-crore long-term senior secured loan from Aseem Infrastructure Finance.
The funding is for the advancement of its open-access commercial and industrial (C&I) portfolio in India, the renewable energy solution provider said.
The rupee term loan will be deployed towards the construction, development and operation of Cleantech Solar’s open-access solar and wind parks across multiple Indian states.
Cleantech Solar CEO Sachin Jain 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.”
Power from these renewable energy parks will be purchased by corporate clients on a captive basis for their business operations.
The clients include companies in the real estate, automotive, chemical manufacturing, and iron and steel sectors.
Aseem Infrastructure Finance CEO Virender Pankaj 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, the current debt solution was meticulously structured to meet the financing requirements of the C&I project base of around 253 MW DC capacity across 13 SPVs, spread over four states and having a very diversified offtaker composition.”
Cleantech Solar said that as demand for sustainable energy solutions continues to rise, the company is committed to rapidly expanding its 1.2 GWp portfolio.