Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Sunsure Energy has secured a financing commitment of INR 262 crore for the development of a 75 MWp open-access solar project in Ilayangudi, Tamil Nadu. The funding package is led by Dutch entrepreneurial development bank FMO, with the remaining approximately INR 71 crore sanctioned by Axis Bank. According to the company, the transaction marks FMO's first project financing in India's Group Captive Commercial and Industrial (C&I) renewable energy segment. The project will supply renewable electricity to commercial and industrial consumers across Tamil Nadu through the open access mechanism, supporting businesses in reducing dependence on conventional power sources and advancing their clean energy transition.
Renewable energy solutions provider Sunsure Energy has secured a financing commitment of INR 262 crore for the development of a 75 MWp open-access solar project in Ilayangudi, Tamil Nadu. The company announced the funding on Monday, stating that the project will provide renewable power to commercial and industrial consumers across the state under the open access framework.
According to the company, the financing package is led by FMO, the Dutch entrepreneurial development bank, while the remaining approximately INR 71 crore has been sanctioned by Axis Bank. The investment will be utilised for the development and construction of the solar project.
The Ilayangudi project has been designed to supply clean electricity to commercial and industrial offtakers through the open access route, enabling businesses to procure renewable energy directly while supporting their transition towards cleaner power sources.
Sunsure Energy stated that the transaction represents FMO's first project financing in India's Group Captive Commercial and Industrial (C&I) renewable energy sector. The company said the financing reflects growing institutional participation in renewable energy projects serving industrial and commercial consumers through the group captive model.
Commenting on the transaction, Shashank Sharma, Founder, Chairman and Chief Executive Officer of Sunsure Energy, said the company welcomed FMO's entry into Group Captive C&I project financing in India and acknowledged Axis Bank's continued support for commercial and industrial renewable energy projects.
Marnix Monsfort, Director – Energy at FMO, said the financing would enable the institution to bring its global practices and standards to India's commercial and industrial renewable energy sector through its first investment in the Group Captive C&I segment.
Vijay Mulbagal, Group Head – Wholesale Bank Coverage, Corporate Salary, Sustainability and CSR at Axis Bank, said the partnership with Sunsure Energy and FMO reflects the bank's continued focus on supporting well-structured renewable energy infrastructure projects backed by sound governance and execution capabilities to create long-term value.
Founded in 2014, Sunsure Energy provides renewable energy solutions to businesses and utility customers across India. The company develops clean energy projects aimed at helping commercial and industrial consumers meet their electricity requirements through renewable power procurement models.
Source - PTI
Advertisement
Facebook
Whatsapp
