Zelestra (formerly Solarpack), a renewable energy project developer, has closed a financing package of €132 million (~$146 million) for a 435 MWdc solar PV project in Gorbea, Rajasthan. The project will supply power to the Solar Energy Corporation of India (SECI) for 25 years.

The financing was signed with HSBC, Credit Agricole, MUFG, and Bank of America.

It is expected to produce an annual energy output that will be enough to power more than 128,000 households in India.  It will also help avoid the emission of approximately 13.3 million tons of carbon over the project’s lifetime.

Zelestra had won the 300 MW solar project in SECI’s auction in June 2020 at ₹2.36 (~$0.0313)/kWh, a record-low tariff at the time.

Zelestra India has 1.5 GW projects in operation, construction, signed or awarded with a total portfolio of nearly 5 GW. The company has 25 GW of carbon-free projects across 13 countries.

The facility is designated as green financing under Zelestra’s Green Financing Framework, aligning with the Green Loan Principles issued by the Loan Market Association.

Zelestra specializes in developing, commercializing, constructing, and operating large-scale renewable energy projects.

Sajay K.V., CEO of Zelestra India, said, “The Gorbea project kickstarts our ambitious growth plan in India and reinforces our position as a reliable partner for our customers. We are committed to further consolidating our presence in India and providing multi-technology energy solutions that meet the country’s needs.”

In May, HSBC India extended a sustainable trade facility of ₹600 million (~$7.1 million) to Jakson Green, the renewable energy arm of the Jakson Group. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.

In July, the total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the global solar sector 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.