Independent power producer Sunsure Energy has secured ₹2.26 billion (~$26.92 million) in long-term debt financing from Tata Capital to bolster its portfolio of open access solar projects in Uttar Pradesh, with a total operational capacity of 75 MW.

The financing, distributed across five special purpose vehicles, supports commissioned solar projects located in Uttar Pradesh. These projects are already supplying clean energy to industrial consumers in the state and are expected to offset approximately 80,000 tons of carbon dioxide annually.

“This long-term financing from Tata Capital underscores Sunsure Energy’s dedication to delivering tailored renewable energy solutions that advance India’s green energy transition. This funding will enable us to expand our portfolio of open-access solar projects in Uttar Pradesh and meet the state’s growing demand for green energy. We are pleased to strengthen our partnership with Tata Capital and look forward to collaborating with them on our upcoming projects,” said Shashank Sharma, Founder, Chairman, and CEO of Sunsure Energy.

Sunsure Energy operates 500 MW of assets and has 2.5 GW of renewable energy capacity under construction, and aims to reach 5 GW by the end of 2028.

In December 2022, global private equity firm Partners Group stated that it would acquire a majority stake in Sunsure Energy. Partners Group invested up to $400 million to enable Sunsure to build and own utility-scale solar, wind, solar-wind hybrid, and battery storage-enabled renewable energy projects.

Total corporate funding in the solar sector, including venture capital/private equity funding, public market, and debt financing, reached $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion. Despite this decline, the number of deals increased by 9%, with 87 deals in 1H 2024 compared to 80 deals in 1H 2023. The numbers were revealed in Mercom Capital Group’s newly released 1H and Q2 2024 Solar Funding and M&A Report.