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.
With this transaction, the solar developer has established a strategic partnership with NIIF IFL – Infrastructure Debt fund set up by the National Investment and Infrastructure Fund. It will also help optimize the overall capital structure and funding costs for the portfolio.
Cleantech Solar has Royal Dutch Shell and Climate Investor One 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.
“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.
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.”