Zelestra, an international technology company, has successfully secured funding of $146 million for a solar project in Rajasthan, India. The project is expected to generate 453 MW of solar power for the Solar Energy Corporation of India (SECI) over a period of 25 years. The financing deal was made possible through partnerships with HSBC, Credit Agricole, MUFG, and Bank of America.
This initiative is a significant step towards providing renewable energy to more than 128,000 households in India and reducing carbon emissions by 13.3 million tons. Zelestra already has a strong presence in India, with 1.5 GW of projects in various stages of development and a total portfolio of nearly 5 GW. The company is also actively involved in carbon-free projects in 13 countries, totaling 25 GW.
The Gorbea project is part of Zelestra’s commitment to green financing, in alignment with the Green Loan Principles set forth by the Loan Market Association. The company specializes in the development, construction, and operation of large-scale renewable energy projects, with a focus on providing customized energy solutions to meet the specific needs of each region.
Sajay K.V., CEO of Zelestra India, expressed his excitement about the Gorbea project, stating that it marks the beginning of the company’s ambitious growth plan in India. He emphasized Zelestra’s dedication to expanding its presence in the country and delivering innovative energy solutions to its customers.
In other recent developments within the renewable energy sector in India, HSBC extended a sustainable trade facility to Jakson Green, a subsidiary of the Jakson Group, to support its operations in the industry. This demonstrates a growing interest and investment in sustainable energy solutions in the country.
Despite a slight decrease in total funding for the global solar sector in the first half of 2024, there was an increase in the number of deals being made. According to the Mercom Capital Group’s report, the total corporate funding in the sector reached $16.6 billion, with 87 deals being closed in the first half of the year. This indicates a positive trend towards greater investment and development in the renewable energy industry worldwide.
