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Zelestra, a global renewable energy company, has successfully secured a €132 million project financing package for its Gorbea solar photovoltaic plant in Rajasthan, India. The financing deal, denominated in Indian Rupees (INR), was arranged with major international banks, including HSBC, Credit Agricole, MUFG, and Bank of America. This facility qualifies as green financing under Zelestra’s Green Financing Framework, adhering to the Green Loan Principles established by the Loan Market Association.
The Gorbea solar plant, with a total installed capacity of 435 MW, is expected to generate enough energy to power over 128,000 Indian households annually. Over the project’s lifetime, it is projected to prevent the emission of approximately 13.3 million tons of carbon dioxide. The generated electricity will be supplied to the Solar Energy Corporation of India (SECI) for 25 years, aligning with India’s renewable energy goals.
Luis Alvargonzález, CFO of Zelestra, highlighted the significance of this financing deal, stating, “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.”
Sajay K. V., CEO of Zelestra India, emphasized the importance of the Gorbea project in Zelestra’s growth strategy, noting, “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.”
Advisors for the financing deal included 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 currently operates 1.5 GW of renewable energy projects in India, with a total project pipeline nearing 5 GW. |
