Cleantech Solar Secures $103 Million for Renewable Energy Projects in India

Cleantech Solar, a provider of renewable energy solutions in India and Southeast Asia, has secured ₹8.55 billion (~$103 million) in long-term green financing from Aseem Infrastructure Finance (AIFL).

The financing will support Cleantech Solar’s open-access portfolio in India, specifically for constructing and operating solar and wind power projects across multiple states.

The company said the loan facility aligns with Cleantech Solar’s commitment to expanding its commercial and industrial (C&I) portfolio, which currently stands at 1.5 GW.

The renewable energy generated from these open-access projects will be supplied to corporate consumers, helping them meet their energy needs for manufacturing and business operations while reducing their carbon footprint.

Virender Pankaj, CEO of Aseem Infrastructure Finance, said, “Aseem Infrastructure Finance is glad to partner with Cleantech Solar to provide long-term debt financing that will significantly contribute to the expansion of their Open-Access green energy portfolio… this collaboration with Cleantech Solar reiterates our unwavering dedication to sustainability and our confidence in the transformative potential of renewable energy projects.”

Sachin Jain, CEO of Cleantech Solar, said, “It has been an honor to be the preferred renewable energy partner for some of the world’s leading corporations, helping them run operations sustainably and economically whilst contributing to a greener grid. This financing from Aseem Infrastructure Finance will accelerate the implementation of our open-access renewable energy projects in India and help advance towards a more resilient and environmentally conscious energy landscape, driving positive change for the industry and the planet.”

Cleantech Solar had secured ₹6.25 billion (~$74.9 million) in green financing from Tata Capital earlier this year.

In January, photovoltaic modules manufacturer First Solar entered into a 15-year captive power purchase agreement with Cleantech Solar to set up 150 MW of solar and 16.8 MW of wind power projects in Tamil Nadu.

Last year, Cleantech Solar commissioned a 37 MW solar power project in Maharashtra to supply power to a global industrial manufacturing firm through open-access under the captive model.


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