Cleantech procures Rs 6.25 bn loan from Tata Capital

Renewable energy solutions provider, Cleantech Solar announced the successful procurement of a long-term senior secured loan facility valued at Rs 6.25 billion from Tata Capital Limited. The funding will support Cleantech Solar's open access portfolio in India. As per the official release, a partial drawdown has already been executed, with the remaining balance slated for completion in 2024. This financial arrangement is aimed at meeting the funding requirements for Cleantech Solar's ongoing construction projects within its open access portfolio. The Rupee Term Loan (RTL) will be directed towards the construction, development, and operations of open access solar and wind parks spanning various states in India, the company stated. Cleantech Solar's strategic emphasis on expanding its commercial and industrial (C&I) portfolio, currently standing at 1.2 GWp, is in line with its dedication to sustainable growth. The renewable energy generated from these open access projects is earmarked for procurement by corporate consumers on a captive basis, meeting their energy needs for manufacturing and business operations. These projects cater to a diverse array of sectors, including automotive, FMCG, apparel, industrial equipment, and chemical manufacturing.