Zelestra Closes $146 Million Financing for 453 MW Solar Project in Rajasthan
POWER & RENEWABLE ENERGY

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

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.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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.

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?