- Zelestra secures €132M for 435 MW Gorbea solar plant in Rajasthan.
- 25-year PPA signed with SECI to meet India’s growing renewable energy needs.
- 128,000 homes to be powered annually, contributing to India’s 175 GW target by 2025.
Zelestra has secured €132 million to fund its 435 MW Gorbea solar power plant in Rajasthan, India. Leading financial institutions, including HSBC, Crédit Agricole, MUFG, and Bank of America structured the financing.
The Gorbea project will drive India’s renewable energy expansion. It is located in Rajasthan, an ideal area for solar energy with high insolation and vast land availability. The financing aligns with green principles and Loan Market Association guidelines. Zelestra denominated the funds in Indian rupees to mitigate currency risk and boost the local economy.
Zelestra signed a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), which operates under India’s Ministry of New and Renewable Energy. This agreement ensures revenue stability while helping India meet its growing energy demand with renewable sources.
The Gorbea solar plant will supply enough electricity to power 128,000 homes annually. It significantly contributes to India’s renewable energy goals, which target 175 GW of renewable energy by 2025, with solar playing a critical role.
India has already installed over 100 GW of renewable capacity but needs more projects to meet its rising energy needs. Initiatives like Gorbea are crucial for reducing reliance on fossil fuels and advancing the country’s leadership in clean energy.
Zelestra is rapidly growing its footprint in India, with 1.5 GW of renewable projects under development. The Gorbea project strengthens Zelestra’s role in India’s renewable energy transformation, creating jobs and fostering partnerships with local industries.
India offers vast opportunities for renewable energy development. The government incentivises investment through long-term PPAs, guaranteed tariffs, and tax exemptions. The Gorbea project aligns perfectly with these goals, helping India position itself as a global leader in renewable energy.
Green financing is rising worldwide, particularly in emerging markets with significant clean energy needs. Zelestra worked closely with HSBC, Bank of America, and other institutions to meet global standards for sustainable financing. The green bond market provides an effective tool for securing funds while ensuring transparency and meeting investors’ stringent criteria.
Gorbea’s success could be a model for similar solar projects in other regions with high solar potential. This project marks a milestone in India’s renewable energy sector, showing how large-scale solar can help meet energy demands and support the nation’s decarbonisation efforts.
Zelestra’s rapid growth in India underscores the country’s importance as a critical market with ambitious renewable energy targets. Through projects like Gorbea, Zelestra is positioning itself as a leading force in India’s clean energy future, contributing to the nation’s shift towards sustainable power sources.