Cleantech Solar secures $102 million to advance C&I portfolio in India

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From pv magazine India

Cleantech Solar, a pan-Asia supplier of renewable energy to corporates, has announced the financial close of a $102.5 million, long-term senior secured loan from Aseem Infrastructure Finance. It said it will use the funds to advance its open-access commercial and industrial (C&I) portfolio in India.

Cleantech Solar said it will deploy the rupee term loan (RTL) for construction, development and operations of its open-access solar and wind parks across multiple Indian states. Power from the renewable energy projects will be purchased by corporate clients on a captive basis for their business operations.

The projects will serve clients spanning several sectors, such as real estate, automotive, chemical manufacturing and iron and steel. Cleantech Solar now has a portfolio of 1.2 GWp.

“This financing from Aseem Infrastructure Finance will accelerate the implementation of our open access renewable energy projects in India and help advance toward a more resilient and environmentally conscious energy landscape, driving positive change for both the industry and the planet,” said Sachin Jain, the CEO of Cleantech Solar.

Singapore-based Cleantech Solar has numerous solar and wind hybrid projects across India and Southeast Asia, covering approximately 1.2 GWp of assets. This includes installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam. Long-term strategic shareholders back the company: Keppel Ltd., Keppel Asia Infrastructure Fund, and Shell Singapore.

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