Sunsure Energy, a top choice for renewable energy solutions in India, has received INR 416.35 Crore in long-term debt financing from Aseem Infrastructure Finance Limited. This funding will support the development of Sunsure’s 150 MWp solar park in Solapur, Maharashtra. The first phase of the solar plant is already up and running, providing clean energy to some of Maharashtra’s largest industrial clients. The entire plant is set to be fully operational by March 2025.
Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy, stated, “This long-term financing from Aseem Infrastructure Finance will accelerate our portfolio expansion in Maharashtra, strengthening our position as a leading renewable energy solutions provider. The Solapur solar park will cater to a diverse set of C&I customers, including those in the pharmaceutical, manufacturing, and cement industries, and will significantly help the state meet its renewable energy goals. We look forward to deepening our partnership with Aseem Infrastructure and working together to assist Indian industry in transitioning to responsible green energy and contributing to achieving India’s ambitious 2030 targets.”
Sunsure Energy is building the Solapur solar park through several Special Purpose Vehicles. The company has signed long-term Power Purchase Agreements with major industrial clients in Maharashtra, such as Sandoz, KSB, Olon, Bharat Forge, Kirloskar Brothers, Wonder Cement, Lupin, and Emcure. This solar park will be key to promoting sustainability by helping its industrial customers switch to clean energy and reducing around 163,000 tonnes of carbon dioxide emissions every year.
Virender Pankaj, CEO, Aseem Infrastructure Finance Ltd, mentioned “Aseem Infrastructure Finance is glad to partner with Sunsure Energy to provide long-term debt financing that will significantly contribute to the expansion of their renewable energy portfolio in India. At Aseem Infra, we are committed to driving the growth of the country’s renewable energy sector by providing financing solutions that cater to the unique needs of our clients.”
He further added, “As a testament to this, the current debt solution was meticulously structured to meet the financing requirements of the project, which is a 150 MWp open-access solar park project in Solapur, Maharashtra, spread across 9 SPVs, having a very diversified offtaker composition. This collaboration with Sunsure Energy group demonstrates our unwavering dedication to sustainability and our confidence in the transformative potential of renewable energy projects. We look forward to continuing our partnership with the Sunsure Energy group and contributing to more such landmark projects in the future.”
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