Cleantech Solar, a pan-Asian supplier of renewable energy to businesses, has announced the financial closing of a $102.5 million long-term 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 term loan (RTL) in rupees for the construction, development and operation of its open-access solar and wind farms in multiple Indian states. The power from the sustainable energy projects will be purchased by business customers on a captive basis for their business operations.
The projects will serve customers in various sectors, such as real estate, automotive, chemical and iron and steel industries. Cleantech Solar now has a portfolio of 1.2 GWp.
“This funding from Aseem Infrastructure Finance will accelerate the implementation of our open access renewable energy projects in India and help move forward towards 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 hybrid solar and wind projects in 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 support the company: Keppel Ltd., Keppel Asia Infrastructure Fund and Shell Singapore.
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