Zelestra closes €132 million financing for its Gorbea solar plant in India

Zelestra, a global, multi-technology, customer-focused renewable energy company, has closed a €132 million project financing package for its Gorbea solar photovoltaic plant in India.

The financing has been signed with HSBC, Credit Agricole, MUFG and Bank of America. The facility, denominated in Indian Rupees (INR), is designated as green financing under Zelestra’s Green Financing Framework, aligning with the Green Loan Principles issued by the Loan Market Association.

Located in the state of Rajasthan, the Gorbea plant has a total installed capacity of 435 MW and will generate an amount of energy equivalent to the annual consumption of more than 128,000 households in India. It will also help to avoid the emission of approximately 13.3 million tons of carbon over the lifetime of the project.

The plant will supply power for the next 25 years to the Solar Energy Corporation of India (SECI), a company of India’s Ministry of New and Renewable Energy.

Luis Alvargonzález, CFO of Zelestra, commented: “This project financing represents a major milestone for Zelestra as we continue to strengthen our footprint in India. The support from leading international banks demonstrates confidence in our ability to deliver impactful renewable energy projects that benefit both our customers and the countries where we operate.”

Sajay K. V., CEO of Zelestra India, added: “The Gorbea project kickstarts  our ambitious growth plan in India and reinforces our position as a reliable partner for our customers. This plant is a testament to our ability to execute strategically-located projects, as well as ensure performance in meeting deadlines and quality standards that our customers expect. We are committed to further consolidating our presence in India and to providing multi-technology energy solutions that meet the country’s needs”.

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).

Zelestra India currently has 1.5 GW of projects in operation, construction, signed, or awarded, with a total portfolio of close to 5 GW.