Cleantech Solar has finalised a substantial long-term senior secured loan of Rs 6.25 billion from Tata Capital Limited. The funds are earmarked for the development of its open access portfolio in India. A portion of the drawdown has already been completed, and the remaining amount is scheduled to be concluded in 2024. This is intended to fulfill the funding needs for Cleantech’s ongoing construction pipeline of open access projects.
Cleantech Solar plans to use the rupee term loan for the construction, development, and operations of open-access solar and wind parks in various states of India. At present, its portfolio in the commercial and industrial sector stands at 1.2 GWp. The clean energy produced by these open-access projects will be acquired by corporate consumers for their manufacturing or business operations on a captive basis. These projects serve clients in various sectors, encompassing automotive, FMCG, apparel, industrial equipment, and chemical manufacturing, among others. This loan arrangement will enable corporations from diverse sectors and regions to access cost-effective green power, helping them achieve their carbon footprint goals.
In January 2024, Cleantech Solar entered into a captive power purchase agreement with First Solar for a period of 15 years. In September 2023, CleanTech Solar announced the commercial operation of its maiden virtual PPA.
