Green Financing to advance open-access renewable energy projects in India
Cleantech Solar, a leading provider of renewable energy solutions in India and Southeast Asia, has successfully closed a long-term senior secured loan worth INR 855 crore from Aseem Infrastructure Finance Limited. This significant financial backing will propel the development of Cleantech Solar’s open-access Commercial and Industrial (C&I) portfolio across multiple Indian states.
Strengthening India’s Green Energy Infrastructure
The Rupee Term Loan (RTL) will be used to construct, develop, and operate Cleantech Solar’s solar and wind parks. These renewable energy parks will supply power to corporate clients captive, supporting business operations in real estate, automotive, chemical manufacturing, and iron and steel sectors. With a current portfolio of 1.2 GWp, Cleantech Solar is dedicated to meeting the rising demand for sustainable energy solutions by expanding its reach and helping businesses transition to renewable energy.
Strategic partnership with Aseem Infrastructure Finance
Virender Pankaj, CEO of Aseem Infrastructure Finance Limited, expressed enthusiasm about the partnership, stating, “Aseem Infrastructure Finance is glad to partner with Cleantech Solar to provide long-term debt financing that will significantly contribute to expanding 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.”
Unique Features of the Rupee Term Loan (RTL) The RTL, a unique financing solution provided by Aseem Infrastructure Finance, has been meticulously structured to meet the financing requirements of Cleantech Solar’s C&I project base. It caters to the unique needs of our projects, which include a capacity of approximately 253 MWdc across 13 Special Purpose Vehicles (SPVs) spread over four states with a diversified off-taker composition. This collaboration reaffirms Aseem Infrastructure Finance’s dedication to sustainability and confidence in the transformative potential of renewable energy projects.
Accelerating Renewable Energy Projects
Sachin Jain, CEO of Cleantech Solar, remarked, “It has been an honor to be the preferred renewable energy partner for some of the world’s leading corporations, helping them run operations 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 help advance towards a more resilient and environmentally conscious energy landscape, driving positive change for the industry and the planet.”
Jain praised the long-term partnership between Cleantech Solar and Aseem Infrastructure Finance, emphasizing the unwavering commitment to sustainability and the growth of renewable energy in India.
Our Unwavering Commitment to a Green Financing Future
The collaboration between Cleantech Solar and Aseem Infrastructure Finance represents a significant step towards advancing India’s renewable energy infrastructure. By securing this substantial green financing, Cleantech Solar is well-positioned to enhance its open-access portfolio and drive the adoption of renewable energy solutions across various industries.
As the demand for sustainable energy continues to grow, Cleantech Solar’s projects will play a crucial role in supporting corporate clients in their transition to renewable energy, contributing to India’s greener, more sustainable future.
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