Spanish developer Zelestra (earlier known as Solarpack) announced this week it 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, Zelestra’s 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 around 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 Corp. of India (SECI).
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. Additionally, its project pipeline, including those in the development phase, is close to 5 GW, with a target of doubling that capacity to 10 GW in the next six years.
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