PRNewswire
New Delhi [India], February 27: Sunsure Energy, the preferred renewable energy solution provider for India's leading businesses transitioning to green power, has announced INR 128.82 crore long-term debt financing from Tata Capital and Aditya Birla Finance Limited (ABFL). This financing has been used to construct Sunsure's commissioned 49 MWp open-access solar plant in Augasi, Uttar Pradesh. The financing will support company's 145 MWp portfolio of commissioned solar open-access projects in the state, further reinforcing its market leadership.
Jointly financed by Tata Capital and Aditya Birla Finance Limited (ABFL), it is Sunsure's maiden debt financing with ABFL and the second debt financing partnership with Tata Capital. The total project finance amount will be equally shared by both the financers.
Sunsure's Augasi solar plant is projected to generate 72 million units of green power annually and offset an impressive 1.3 million metric tons of CO2e over its operational lifetime, playing a pivotal role in elevating Uttar Pradesh's clean energy goals. Sunsure is actively developing solar plants totaling 270 MWp across Uttar Pradesh, its existing open-access solar projects are functional in Agra, Banda, Mahoba, Jhansi, and Unnao regions of UP.
Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy, said, "This partnership with Tata Capital and Aditya Birla Finance signifies their confidence in Sunsure Energy's vision and capabilities, marking the beginning of a collaborative journey with immense potential to accelerate India's transition to a sustainable and energy-independent future. It enables scaling our solar open-access projects in Augasi which are playing a leading role in Uttar Pradesh's transition towards green energy. The development of Augasi solar plant will enable us to provide reliable and affordable green energy to state's industries."
Manish Chourasia, Chief Operating Officer - Corporate and Cleantech, Tata Capital Ltd, said, "We are excited to build on our collaboration with Sunsure Energy through this second round of financing. At Tata Capital, we deeply believe in sustainable energy solutions, and this investment aligns with our vision of supporting India's transition to a greener future. Uttar Pradesh holds immense potential for clean energy expansion, and we take pride in contributing to the state's renewable energy growth by supporting projects that bring tangible environmental benefits."
Arnab Basu, Head - Wholesale Solutions, ABFL, said, "We are excited to partner with Sunsure Energy and support them to develop the crucial solar plant in Augasi. This collaboration represents a significant step towards meeting the growing green energy demands of the state's business sector, and we look forward to a successful and impactful journey together."
Sunsure Energy is currently powering the sustainability journey of over 70 industrial giants across 16 states - including multinationals like Sandoz, Lupin, KSB Pumps, Inox Air Products, Wonder Cement, Emcure, Dabur, Olon API and more. With a growing portfolio of solar, wind, and energy storage projects nationwide, Sunsure Energy is committed to making clean energy accessible and affordable for businesses shaping a greener future for India.
About Sunsure Energy:
Founded in 2014, Sunsure Energy is the preferred renewable energy solutions provider for India's leading businesses transitioning to green power. As a leading Independent Power Producer (IPP), Sunsure enables businesses across India to embrace clean energy with ease and confidence through long-term Power Purchase Agreements (PPAs) that offset up to 70% of power use to renewable energy through a mix of solar, wind, and battery storage technologies. Sunsure is backed by Partners Group AG with an equity commitment of $400 million towards its vision of building the largest industrial decarbonization company in India and SE Asia. With 500 MW of operational assets and a target of 5 GW by the end of 2028, Sunsure Energy is committed to powering India's energy independence and transforming every Indian business with green energy. The company is developing a significant portfolio of solar and wind energy projects across India to supply renewable energy to Commercial & Industrial clients, as well as utility offtakers like SECI and SJVN. www.sunsure-energy.com
About Tata Capital Limited:
Tata Capital Limited, a holistic financial services provider, caters to the diverse needs of retail, housing, SME and corporate customers with a pan-India network of 900+ branches. Its range of offerings include Consumer Finance, Housing Finance, Commercial Finance, Cleantech Finance, Microfinance, Debt Syndication, Private Equity and Credit Cards. For more information about Tata Capital, please visit www.tatacapital.com
About Aditya Birla Finance Limited:
Aditya Birla Finance Limited ("ABFL"), a subsidiary of Aditya Birla Capital Limited, is among the leading well-diversified non-banking financial services company in India. ABFL offers end-to-end lending, financing, and wealth management solutions to a diversified range of customers across the country. ABFL is registered with RBI as an Upper Layer non-deposit accepting non-banking finance company ("NBFC") and is amongst the top five largest private diversified NBFCs in India based on AUM. ABFL's long-term credit rating of AAA (Stable) has been reaffirmed by ICRA in August 2023. ABFL also has a long-term credit rating of AAA (Stable) by India Ratings, Perpetual debt credit rating of AA+ (Stable) by ICRA and AA+ (Stable) by India Ratings (Stable) and short-term credit rating of A1+ by ICRA & India Ratings. https://finance.adityabirlacapital.com/
Photo: https://mma.prnewswire.com/media/2629319/SUNSURE_Solar_Plant.jpg
Logo: https://mma.prnewswire.com/media/2491395/Sunsure_Energy.jpg
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor