Cleantech Solar Secures INR 2 Billion Senior Secured Loan Facility With NIIF IFL For Open Access Portfolio In India

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Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, announces the financial close of an INR 2 billion senior secured loan facility with NIIF IFL for the company’s portfolio of Open Access projects in India.


Headquartered in Singapore, Cleantech Solar has Royal Dutch Shell and Climate Investor One (CI1)  (managed by Climate Fund Managers (CFM)) as its strategic investors. Last year, the company secured Asia Pacific’s largest green loan of US $75 million from ING bank and also has loan facilities from SBI-World Bank and Tata Cleantech Capital. Cleantech Solar has significantly ramped up its growth since the company was founded in 2014. The company has a portfolio of over 600 MWp of solar assets across India and Southeast Asia.


This loan facility will refinance the company’s existing loans on operating open access projects in India and help optimize the overall capital structure and funding costs for the portfolio. With this transaction, Cleantech Solar establishes a new strategic partnership with NIIF IFL – Infrastructure Debt fund set up by National Investment and Infrastructure Fund (NIIF).


“The adoption of renewable energy by C&I customers from open access projects can drive the next phase of India’s energy transition. C&I offtake of renewable energy is expected to witness significant growth and Cleantech Solar being one of the leading players in this segment is well positioned to capitalize on this opportunity. NIIF IFL is delighted to have partnered with Cleantech Solar by extending a debt facility to support their business,” said Debabrata Mukherjee, Chief Business Officer of NIIF IFL. 

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Raju Shukla, Founder and CEO of Cleantech Solar, said, “We are extremely glad to have NIIF IFL as our partner. Cleantech Solar is steadfastly focused on delivering reliable and high-quality solar solutions to our customers, helping them meet their energy requirements and providing long-term energy security whilst contributing towards their sustainability goals. Our partnership with NIIF is a pivotal step in our journey to realize these long-term goals.”

Nathan Schmidt, Regional Head Asia at Climate Fund Managers, noted: “We welcome Cleantech Solar’s partnership with NIIF IFL, which reaffirms Cleantech’s position as one of the leading providers of renewable energy to corporations in India and Southeast Asia. The new INR 2 billion senior secured loan facility further empowers Cleantech in their mission to initiate an energy transition in the region, an integral component to limiting the effects of climate change world-wide”

About Cleantech Solar (

Cleantech Solar is a pan-Asia supplier of renewable energy to corporates, combining the capabilities of a regional player with responsiveness and agility.

Headquartered in Singapore, Cleantech Solar has been selected for numerous solar power plants across India and Southeast Asia, covering over 600 MW across the various stages of operations, construction, and development. This includes installations in India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.

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The company helps corporations to meet their sustainability goals, offering them a unique combination of:

  • Shared values ensuring long-term partnership
  • Leading technical expertise with a strong focus on delivering safe and high-quality projects
  • Experienced local teams in all markets to ensure compliance and smooth execution
  • State of the art control room delivering optimized performance in real time


NIIF Infrastructure Finance Limited (NIIF IFL) is an infrastructure debt fund (IDF) under the non-banking finance company (NBFC) structure. The company facilitates the flow of long-term debt into infrastructure projects in India.

Operating since 2015, NIIF IFL provides financial assistance to various infrastructure projects in India which have completed at least one year of satisfactory commercial operations. Backed by NIIF group, it is one of the fastest growing debt financing platforms in India with diversified sector focus within infrastructure assets.

About Climate Fund Managers:

Climate Fund Managers (CFM) is a leading blended finance fund manager dedicated to securing a sustainable future by investing across global emerging markets. CFM has a long-term vision to structure cutting edge financing facilities around thematic areas of climate change mitigation and adaptation, including renewable energy, water and oceans, sustainable land use, and sustainable cities. CFM is established as a joint venture between the Dutch development bank FMO and Sanlam InfraWorks – part of the Sanlam Group of South Africa.

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Climate Investor One (CI1) is the inaugural facility managed by CFM and the first of an intended series of ‘blended finance’ investment vehicles focused on providing capital to climate mitigation and adaptation sectors in developing countries. CI1 has a focus on Africa, South and Southeast Asia, and Latin America and uses a whole-of-life financing approach intended to reduce implementation timelines. CI1 Climate Investor One was launched in partnership between FMO and Sanlam InfraWorks, part of the Sanlam Group of South Africa. The facility also enjoys support from the EU through its External Investment Plan, a part of its wider commitment to sustainable development and climate change mitigation, as well as cornerstone support from the Ministry of Foreign Affairs of the Netherlands, the Nordic Development Fund (NDF) and USAID’s Power Africa programme. CI1 is a USD 850 million financing facility.

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