Cleantech Solar Secures ₹855 Crore loan from Aseem

Cleantech Solar has recently secured a ₹855-crore long-term senior secured loan from Aseem Infrastructure Finance. This substantial funding will accelerate the development of Cleantech Solar's open-access commercial and industrial (C&I) portfolio in India, enabling the construction, development, and operation of solar and wind parks across multiple states.

CEO Sachin Jain expressed optimism about the financing, emphasizing its role in advancing open-access renewable energy projects. Jain stated that the loan would help create a more resilient and environmentally conscious energy landscape, fostering positive change for both industry and the planet.

The renewable energy generated from these parks will be sold on a captive basis to corporate clients in various sectors, including real estate, automotive, chemical manufacturing, and iron and steel. This approach ensures a steady demand for sustainable energy solutions.

Virender Pankaj, CEO of Aseem Infrastructure Finance, highlighted the careful structuring of the debt solution. The financing supports a project base of approximately 253 MW DC capacity spread across 13 Special Purpose Vehicles (SPVs) in four states, with a diverse range of offtakers.

Cleantech Solar reiterated its commitment to rapidly expanding its 1.2 GWp portfolio in response to the growing demand for sustainable energy. The company aims to drive the transition towards cleaner energy solutions in India's industrial and commercial sectors.

News by Rahul Yelligetti