Zelestra Closes €132 Mn Financing For Its Gorbea Solar Plant In India

Reliance Group To Boost Investments In Renewable Energy

Spanish renewable energy firm Zelestra, has closed a €132 million (INR 1472 crores)  project financing package for its Gorbea solar photovoltaic plant in India.

The financing was 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. 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, Chief Financial Officer (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., Chief Execu (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. 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.

About Zelestra

With a portfolio of 25 GW of carbon-free projects across 13 countries, Zelestra is a vertically integrated company specializing in developing, commercializing, constructing, and operating large-scale renewable energy projects. Zelestra is made up of 953 professionals globally. It is backed by EQT, one of the largest fund managers in the world, with more than 232 billion euros in assets under management.