Mumbai: Cleantech Solar, a renewable energy solutions provider to corporations in India and Southeast Asia, on Tuesday announced the financial close of a long-term senior secured loan amounting to Rs 855 crores from Aseem Infrastructure Finance for the advancement of its open access commercial and industrial (C&I) portfolio in India.
According to the official press release, the rupee term loan will be deployed towards construction, development, and operations of Cleantech Solar’s open access solar and wind parks across multiple Indian states.
It added that the power from these renewable energy parks will be purchased by corporate clients on a captive basis for their business operations. These projects will serve clients spanning several sectors, such as real estate, automotive, chemical manufacturing and iron and steel.
“We are glad to partner with Cleantech Solar to provide long-term debt financing… The current debt solution was structured to meet the financing requirements of C&I project base of 253-MW capacity across 13 SPVs, spread over four states and having a very diversified offtaker composition,” said Virender Pankaj, CEO of Aseem Infrastructure Finance.
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According to Sachin Jain, CEO, Cleantech Solar, this financing from Aseem Infrastructure Finance will accelerate the implementation of the company’s open access renewable energy projects in India and help advance towards a more resilient and environmentally conscious energy landscape.
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