Mumbai, 31 January 2024: Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, has secured a long-term senior secured loan facility worth INR 6.25 billion from Tata Capital Limited for its open access portfolio in India. A part of the drawdown has been done and the balance will be done in 2024 for meeting the funding requirements of Cleantech’s under-construction pipeline of open access projects.
The Rupee Term Loan (RTL) will be utilised towards construction, development and operations of open access solar and wind parks across different states in India. Cleantech Solar’s focus on expanding its commercial and industrial (C&I) portfolio, currently at 1.2 GWp, aligns with its commitment to sustainable growth. The renewable energy generated from these open access projects will be procured by esteemed corporate consumers on a captive basis to meet their energy needs for manufacturing / business operations. These projects cater to customers across sectors including automotive, FMCG, apparel, industrial equipment and chemical manufacturing, amongst others.
Mr. Sachin Jain, Chief Executive Officer of Cleantech Solar, said:
“Cleantech Solar has been at the forefront of providing clean, cost-effective and stable power to corporate clients in India and Southeast Asia, helping them achieve their sustainability goals and improve their bottom line. 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. It underscores our commitment to strengthening these collaborations and accelerating our journey towards a carbon-free future.”
Mr. Pankaj Sindwani, Chief Business Officer – Cleantech Finance, Tata Capital, said:
We are pleased to have partnered with Cleantech Solar in deploying funds towards open access renewables projects in India, aligning with our sustainability goals and strengthening our green lending portfolio. This loan facility will facilitate access to affordable green power across corporates from varied sectors and geographies thus meeting their carbon footprint targets. Since the market is still in nascent stage, such innovative capital solutions will be critical to bridge the financing gap to accelerate the shift to renewable energy. With our wide array of sustainable lending solutions and deep understanding of the market, we are committed to enhance and support partnerships to scale up the implementation of open access projects and country’s climate goals.
About Cleantech Solar (www.cleantechsolar.com):
Cleantech Solar is a pan-Asia supplier of renewable energy to corporates, combining the capabilities of a global player with responsiveness and agility. Headquartered in Singapore, Cleantech Solar has numerous solar and wind hybrid projects across India and Southeast Asia, covering approximately 1.2 GWp of assets in operations, construction and development stages. This includes installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam. The company is backed by long-term strategic shareholders – Keppel Ltd., Keppel Asia Infrastructure Fund and Shell Singapore Pte. Ltd. For information, please visit www.cleantechsolar.com.