Zelestra bags $146.67m financing for Indian solar plant

This will power over 128,000 homes.

Spain’s Zelestra has secured a $146.67m (EUR132m) financing package for its 435-megawatt Gorbea solar photovoltaic plant in India.

In a statement, the company said the financing has been signed with HSBC, Credit Agricole, MUFG and Bank of America. This was designated as green financing under Zelestra’s Green Financing Framework, aligning with the Green Loan Principles issued by the Loan Market Association.

The deal has been advised by Catalyst Trusteeship (Facility Agent & Security Trustee), TUV Rheinland (Lender’s Technical Advisor), Cyril Amarchand Mangaldas (Lender’s Legal Counsel), Luthra & Luthra (Borrower’s Legal Counsel), Indian Insure (Lender’s Insurance Advisor) and AECOM (Environmental & Social Advisor).

Located in the Rajasthan state, the Gorbea solar plant is expected to generate energy for more than 128,000 households. It is seen to eliminate approximately 13.3 million tonnes of carbon over its lifetime.

Zelestra will supply power for the next 25 years to the Solar Energy Corporation of India.

Currently, Zelestra India has 1.5 gigawatts of projects in operation, construction, signed, or awarded, with a total portfolio of close to five gigawatts.

$1 = EUR0.90