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.

Resources

24 Oct 2025

Tolaram, Toyota Tsusho Explore Strategic Partnership in Africa

Tolaram Pte. and Toyota Tsusho Corporation have signed a Memorandum of Understanding (MoU) to explore a strategic partnership focused on Africa’s consumer and infrastructure sectors. Tolaram, with nearly 50 years of operations in Africa, has major investments in consumer goods manufacturing and large-scale infrastructure projects, including Lekki Port and the Lagos Free Zone in Nigeria. Toyota Tsusho, active in 54 African countries under the philosophy “WITH AFRICA FOR AFRICA,” brings expertise in mobility, healthcare, consumer products, and infrastructure development. Th..

Infrastructure Energy

24 Oct 2025

Crompton Wins Rs. 4.45 billion solar Rooftop Order

Crompton Greaves Consumer Electricals has secured its largest-ever solar rooftop order, valued at Rs. 4.45 billion, to equip over 40,000 households in Andhra Pradesh with 2 KW on-grid systems. This 77 MW project underscores the company’s rapid growth and execution capability in the renewable energy sector, just two months after entering the rooftop solar market. The initiative comes at a time when residential solar adoption in India is expanding rapidly, driven by affordability, grid integration, and declining system costs. Crompton will manage the project end-to-end, leveraging trained..

Infrastructure Energy

24 Oct 2025

Gautam Solar H1 Turnover Exceeds FY25 by 51%

Gautam Solar reported a turnover of Rs 15.66 billion for H1 FY26, surpassing its entire FY25 revenue by 51.34 per cent. The company’s strong performance reflects its market leadership and continued momentum in the solar manufacturing sector. The growth is underpinned by Gautam Solar’s focus on expanding manufacturing capacity, deploying advanced solar technologies, and maintaining a consistent supply of high-quality modules for industries, institutions, and households. With a robust order book, the company anticipates achieving 2.5 to 3 times FY25 turnover by the end of FY26. Com..