Cleantech Solar, a leading provider of renewable energy solutions for corporations in India and Southeast Asia, has announced the financial close of a long-term senior secured loan worth INR 855 crores. The loan, provided by Aseem Infrastructure Finance Limited, will support the expansion of Cleantech Solar’s open access Commercial and Industrial (C&I) portfolio in India.
The Rupee Term Loan (RTL) will be utilized for the construction, development, and operation of Cleantech Solar’s open access solar and wind parks across various Indian states. The energy generated from these renewable parks will be sold to corporate clients on a captive basis, catering to sectors such as real estate, automotive, chemical manufacturing, and iron and steel. As the demand for sustainable energy solutions rises, Cleantech Solar is dedicated to rapidly expanding its portfolio, currently at 1.2 GWp, and aiding businesses in their transition to renewable energy.
Mr. Virender Pankaj, CEO of Aseem Infrastructure Finance Limited, expressed his enthusiasm for the partnership:
“Aseem Infrastructure Finance is pleased to collaborate with Cleantech Solar, providing long-term debt financing that will significantly enhance their Open Access green energy portfolio. At Aseem Infra, we are committed to driving the growth of the renewable energy sector by offering bespoke debt financing solutions tailored to the unique needs of our clients. This current debt solution was meticulously structured to meet the financing requirements of a C&I project base of approximately 253 MWdc capacity across 13 SPVs, spread over four states with a diversified offtaker composition. This partnership with Cleantech Solar reaffirms our commitment to sustainability and our confidence in the transformative potential of renewable energy projects. We look forward to strengthening our collaboration with Cleantech Solar in the future.”
Mr. Sachin Jain, CEO of Cleantech Solar, also commented on the financing:
“It is an honor to be the preferred renewable energy partner for some of the world’s leading corporations, helping them operate sustainably and economically while 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 advance towards a more resilient and environmentally conscious energy landscape. This partnership drives positive change for both the industry and the planet. My congratulations to both teams for this long-term collaboration!”
This financial move underscores Cleantech Solar’s commitment to expanding its renewable energy capacity and supporting corporate clients in their pursuit of sustainable energy solutions.
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