Zelestra Secures €132 Million Green Financing for 435 MW Solar Plant in India

Zelestra secures €132 million financing for a 435 MW solar plant in India, set to power 128,000 households and prevent 13.3 million tons of CO2 emissions.

Zelestra, a leading global renewable energy company, has successfully secured €132 million in project financing for its Gorbea solar photovoltaic (PV) plant in Rajasthan, India. The financing deal, denominated in Indian Rupees (INR), was arranged through international banking giants HSBC, Credit Agricole, MUFG, and Bank of America. This project is structured as green financing under Zelestra’s Green Financing Framework, adhering to the Green Loan Principles set by the Loan Market Association.

435 MW Solar Plant to Power Over 128,000 Indian Homes

The Gorbea solar plant boasts a total installed capacity of 435 MW and is poised to make a significant impact on India’s renewable energy landscape. The plant is expected to generate clean energy to power over 128,000 Indian households annually, while preventing the emission of 13.3 million tons of carbon dioxide over its lifespan. The electricity produced will be supplied to the Solar Energy Corporation of India (SECI) under a 25-year agreement, further aligning with India’s ambitious renewable energy targets.

International Banks Back Zelestra's Expansion in India

Luis Alvargonzález, CFO of Zelestra, expressed the importance of this financing achievement for the company's ongoing expansion in India. He stated, “This project financing marks a major milestone for Zelestra as we expand our operations in India. The backing from international banks reflects confidence in our ability to deliver impactful renewable energy solutions.”

Zelestra’s Commitment to High-Performance Renewable Projects

Sajay K. V., CEO of Zelestra India, emphasized the strategic value of the Gorbea solar project in driving the company’s growth in the Indian market. He noted, “This project sets the foundation for our ambitious growth plans in India. It reflects our commitment to delivering high-performance renewable energy projects that meet deadlines and quality standards.”

Strong Support from Industry Experts

A strong team of advisors supported the financing of the Gorbea project, including Catalyst Trusteeship (Facility Agent & Security Trustee), TUV Rheinland (Lender’s Technical Advisor), Cyril Amarchand Mangaldas (Lender’s Legal Counsel), Luthra & Luthra (Borrower’s Legal Counsel), Indian Insure (Lender’s Insurance Advisor), and AECOM (Environmental & Social Advisor).

Zelestra's Expanding Renewable Energy Portfolio in India

Zelestra continues to expand its footprint in India's renewable energy sector, currently operating 1.5 GW of renewable energy projects with a total project pipeline approaching 5 GW. This new solar plant marks another significant step in the company’s mission to support India's transition to clean energy.