Zelestra (formerly SolarPack) has closed a €132m project financing package for its 435MW Gorbea solar plant in India.
The financing has been signed with HSBC, Credit Agricole, MUFG and Bank of America.
The facility, denominated in Indian rupees, 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 is expected to 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 tonnes of carbon over the lifetime of the project, the company said.
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.
Zelestra chief financial officer Luis Alvargonzález said: “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.”