Zelestra Closes $146 Million Financing for 453 MW Solar Project in Rajasthan

25 Sep 2024 CW Team

The financing agreement was established with several financial institutions, including HSBC, Credit Agricole, MUFG, and Bank of America. It is projected that the solar project will generate enough annual energy output to power over 128,000 households in India, while also contributing to the avoidance of approximately 13.3 million tons of carbon emissions throughout its operational lifetime.

Zelestra secured the 300 MW solar project during SECI’s auction in June 2020, achieving a record-low tariff of ?2.36 (around $0.0313) per kWh at that time. The company currently has 1.5 GW of projects either in operation, under construction, or signed, contributing to a total portfolio of nearly 5 GW. Additionally, Zelestra has 25 GW of carbon-free projects across 13 countries.

The financing for the Gorbea project is classified as green financing under Zelestra’s Green Financing Framework, which adheres to the Green Loan Principles established by the Loan Market Association. Zelestra focuses on the development, commercialization, construction, and operation of large-scale renewable energy projects.

Sajay K.V., CEO of Zelestra India, remarked that the Gorbea project marks the beginning of their ambitious growth strategy in India and underscores their role as a dependable partner for customers. He added that the company is dedicated to expanding its presence in India and offering diverse energy solutions that align with the country's requirements.

In a related development, in May, HSBC India provided a sustainable trade facility of ?600 million (approximately $7.1 million) to Jakson Green, the renewable energy division of the Jakson Group. This trade facility is intended to support the operational needs of the company within the renewable energy sector, both in India and internationally.

In July, it was reported that total corporate funding in the global solar sector reached $16.6 billion in the first half of 2024, including venture capital, private equity funding, public market, and debt financing. This figure represents a 10% decrease compared to $18.5 billion in the same period the previous year. However, the number of deals increased by 9%, with 87 transactions recorded in the first half of 2024, up from 80 in the first half of 2023, according to Mercom Capital Group’s recently released Solar Funding and M&A Report for the first half and second quarter of 2024.

Zelestra, formerly known as Solarpack, has successfully secured a financing package amounting to €132 million (approximately $146 million) for a 453 MWdc solar photovoltaic project located in Gorbea, Rajasthan. This project is set to supply power to the Solar Energy Corporation of India (SECI) for a period of 25 years. The financing agreement was established with several financial institutions, including HSBC, Credit Agricole, MUFG, and Bank of America. It is projected that the solar project will generate enough annual energy output to power over 128,000 households in India, while also contributing to the avoidance of approximately 13.3 million tons of carbon emissions throughout its operational lifetime. Zelestra secured the 300 MW solar project during SECI’s auction in June 2020, achieving a record-low tariff of ?2.36 (around $0.0313) per kWh at that time. The company currently has 1.5 GW of projects either in operation, under construction, or signed, contributing to a total portfolio of nearly 5 GW. Additionally, Zelestra has 25 GW of carbon-free projects across 13 countries. The financing for the Gorbea project is classified as green financing under Zelestra’s Green Financing Framework, which adheres to the Green Loan Principles established by the Loan Market Association. Zelestra focuses on the development, commercialization, construction, and operation of large-scale renewable energy projects. Sajay K.V., CEO of Zelestra India, remarked that the Gorbea project marks the beginning of their ambitious growth strategy in India and underscores their role as a dependable partner for customers. He added that the company is dedicated to expanding its presence in India and offering diverse energy solutions that align with the country's requirements. In a related development, in May, HSBC India provided a sustainable trade facility of ?600 million (approximately $7.1 million) to Jakson Green, the renewable energy division of the Jakson Group. This trade facility is intended to support the operational needs of the company within the renewable energy sector, both in India and internationally. In July, it was reported that total corporate funding in the global solar sector reached $16.6 billion in the first half of 2024, including venture capital, private equity funding, public market, and debt financing. This figure represents a 10% decrease compared to $18.5 billion in the same period the previous year. However, the number of deals increased by 9%, with 87 transactions recorded in the first half of 2024, up from 80 in the first half of 2023, according to Mercom Capital Group’s recently released Solar Funding and M&A Report for the first half and second quarter of 2024.

Infrastructure Urban

30 Jul 2026

Centre Clears Power Distribution Upgrade for Uttar Pradesh

The Central Government has approved power distribution projects worth Rs 407.39 billion for Uttar Pradesh under the Revamped Distribution Sector Scheme (RDSS). The investment will be used to modernise the state's electricity distribution infrastructure and strengthen network capacity across urban and rural areas. The package targets one of the country's largest distribution networks as the state experiences rapid urbanisation and rising electricity consumption. Planned interventions include the strengthening of distribution lines, modernisation of substations, replacement of ageing electrical ..

Infrastructure Energy

30 Jul 2026

India Data Centres To Consume 191 TWh By 2040 Driving Renewables

A Wood Mackenzie report says India's operational data centre capacity is projected to increase more than fivefold to 12 gigawatt (GW) by 2030 from 2.2 GW in 2025 as artificial intelligence (AI) and cloud computing drive demand. It projects electricity consumption to rise from 10 terawatt-hour (TWh) in 2025 to 191 TWh by 2040. The study forecasts a compound annual growth rate of around 40 per cent and notes AI-dedicated capacity will surge nearly 24-fold from 275 megawatt (MW) in 2025 to 6,546 MW by 2030. The report places India's digital economy at Rs 32 trillion (tn) in 2025 and says it contr..

Infrastructure Transport

30 Jul 2026

Hydrogen Train Completes 1,200 Kilometres Of Trials

India's first hydrogen train was flagged off between Jind and Sonipat on July 17 and has travelled over 1,200 kilometres in trials, saving diesel consumption of more than 3,200 litres, a Railway Ministry press release said. The deployment marks the introduction of a zero-emission fuel cell train into route testing and represents a milestone in domestic rail innovation. The train generates electricity onboard through a chemical reaction between hydrogen and oxygen, producing electricity to propel the vehicle while emitting only water vapour as a by-product. There is no smoke and no tailpipe car..