Debt meticulously structured for solar project, says Pankaj
Sunsure Energy, the preferred renewable energy solution provider for India’s leading businesses transitioning to green power, says the Rs.416.35 crore in long-term debt financing from Aseem Infrastructure Finance Limited is to fund the development of its 150 MWp open-access solar park in Solapur, Maharashtra.
The 1st phase of the plant has already been commissioned and is supplying clean energy to some of the state’s biggest industrial customers. The full plant is expected to be commissioned by March 2025, the Gurugram-based Sunsure said on 14 Jan.
Sunsure is developing the Solapur solar park through multiple Special Purpose Vehicles. It has entered into long term Power Purchase Agreements with prominent industrial clients across Maharashtra, including Sandoz, KSB, Olon, Bharat Forge, Kirloskar Brothers, Wonder Cement, Lupin, and Emcure.
The solar park will play a pivotal role in advancing a sustainable future, by enabling its industrial customers transition to clean power and offsetting approximately 163,000 tonnes of carbon dioxide annually https://www.bseindia.com/.
“This long-term financing from Aseem Infrastructure Finance will accelerate our portfolio expansion in Maharashtra, strengthening our position as a leading renewable energy solutions provider,” said Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy https://www.nseindia.com/.
“The Solapur solar park will cater to a diverse set of C&I customers, including those in the pharmaceutical, manufacturing, and cement industries, and will significantly help the state meet its renewable energy goals https://sbi.com.in/.
“We look forward to deepening our partnership with Aseem Infrastructure and working together to assist Indian industry in transitioning to responsible green energy and contributing to achieving India’s ambitious 2030 targets,” he said.
“This collaboration with Sunsure Energy group demonstrates our unwavering dedication to sustainability and our confidence in the transformative potential of renewable energy projects,” said Virender Pankaj, CEO, Aseem Infrastructure Finance Ltd.
“As a testament to this, the current debt solution was meticulously structured to meet the financing requirements of the project, which is a 150 MWp open-access solar park project in Solapur, spread across 9 SPVs, having a very diversified offtaker composition.”
Founded in 2014, Sunsure Energy is the preferred renewable energy solutions provider for India’s leading businesses transitioning to green power. As a leading Independent Power Producer (IPP), Sunsure enables businesses across India to embrace clean energy with ease and confidence through long-term Power Purchase Agreements (PPAs) that offset up to 70% of power use to renewable energy through a mix of solar, wind, and battery storage technologies. Sunsure is backed by Partners Group AG with an equity commitment of US$400 million towards its vision of building the largest industrial decarbonization company in India and SE Asia.
Aseem Infrastructure Finance is an NBFC-IFC and is a leading financial Institution dedicated to supporting sustainable infrastructure projects. With corporate office in Mumbai and registered office in Delhi, it has been making rapid strides, as reflected in our high-quality asset book crossing the Rs.14,800 crore mark within a short span of time, comprising of over 50% exposure in the renewable energy sector. Fiinews.com
