Cleantech Secures ₹6.25 Billion Loan for Open Access Renewable Energy Projects

The funds will be used to supply renewable energy to C&I customers in India

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Cleantech Solar, a provider of solar energy for commercial & industrial customers in India and Southeast Asia, has secured a long-term senior secured loan of ₹6.25 billion (~$75 million) from Tata Capital to expand open access renewable energy projects across India.

Cleantech said the funds will be used for the construction, development, and operation of its under-construction pipeline of open access solar and wind parks. These projects will provide renewable energy directly to corporate consumers under long-term power purchase agreements (PPA).

A part of the drawdown has been done and the balance will be done in 2024 to meet the funding requirements.

The renewable energy generated from these open access projects will enable manufacturing, automotive, FMCG, apparel, industrial equipment, chemical, and other companies to meet their clean energy needs and sustainability commitments.

“This financing from Tata Capital will expedite the deployment of our open access renewable energy projects in India, delivering sustainable power to leading global corporates,” said  Sachin Jain, CEO of Cleantech Solar.

Pankaj Sindwani, Chief Business Officer, Cleantech Finance, Tata Capital, said, “This loan facility will facilitate access to affordable green power across corporates from varied sectors and geographies thus meeting their carbon footprint targets.”

Cleantech has a C&I portfolio of 1.2 GW. This includes installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam.

Earlier this year, Cleantech Solar entered into a 15-year captive PPA with photovoltaic modules manufacturer First Solar to set up 150 MW of solar and 16.8 MW of wind power generating projects in Tamil Nadu. These projects will supply about 7.3 GW of clean electricity to First Solar’s new 3.3 GW vertically integrated solar manufacturing facility, also located in Tamil Nadu.

Last year, Cleantech Solar commissioned a 37 MW solar project in Maharashtra to supply power to a global industrial manufacturing firm through open access under the captive model. The commissioned project was part of the company’s 300 MW solar parks across Maharashtra.

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