Spanish renewable energy company Zelestra has announced the successful acquisition of EUR 132 million (USD 146.4 million) in debt financing for its 435-MW Gorbea solar photovoltaic (PV) project in Rajasthan, India.
The financing package was provided by HSBC, Credit Agricole, MUFG, and Bank of America, and is classified as green funding, denominated in Indian Rupees (INR).
The new capital will facilitate the construction of the Gorbea PV complex, which will operate under a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The facility is expected to generate enough energy to power over 128,000 local homes annually.
Sajay K V, CEO of Zelestra India, remarked, “The Gorbea project kickstarts our ambitious growth plan in India and reinforces our position as a reliable partner for our customers.”
Currently, Zelestra boasts a portfolio of approximately 5 GW in India, encompassing awarded and contracted projects, as well as plants that are either operational or under construction. In August, the company finalized a 25-year power off-take agreement for its 450-MWp Anboto solar project in Rajasthan.
