Independent power producer Sunsure Energy has secured ₹4.16 billion (~$48.07 million) in long-term debt financing from Aseem Infrastructure Finance to develop a 150 MW open access solar park in Solapur, Maharashtra.

The project’s first phase is operational, supplying clean energy to industrial customers. The full capacity is scheduled for completion by March 2025.

Sunsure is developing the Solapur solar park through multiple special-purpose vehicles and has entered into long-term power purchase agreements with industrial clients across Maharashtra. These clients include Sandoz, KSB, Olon, Bharat Forge, Kirloskar Brothers, Wonder Cement, Lupin, and Emcure.

The solar park aims to facilitate the transition of these customers to renewable energy, offsetting approximately 163,000 tons of carbon dioxide annually.

Shashank Sharma, Founder, Chairman and CEO of Sunsure Energy, said that the long-term financing from Aseem Infrastructure will help the company expand its portfolio in Maharashtra.

In September, Sunsure Energy 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.

In May last year, Aseem Infrastructure provided ₹3.15 billion (~$37.8 million) to Avaada Energy for a solar power project in the Kalaburagi district of Karnataka.

In June 2024, Aseem Infrastructure provided ₹8.55 billion (~$103 million) in long-term green financing to Cleantech Solar to support its open access portfolio, specifically for constructing and operating solar and wind power projects.

Total corporate funding, including venture capital, public market activity, and debt financing for the solar sector, reached $22.3 billion in the first nine months (9M) of 2024, a 23% decrease from the $28.9 billion raised during the same period in 2023. The number of deals also dropped by 6% year-over-year, with 117 deals in 9M 2024 compared to 124 in the same period in 2023, according to the recently released report 9M and Q3 2024 Solar Funding and M&A Report by Mercom Capital Group.