Sunsure Energy, a Gurugram-headquartered renewable energy and decarbonisation solutions platform, on Wednesday, said it has raised Rs 226 crore ($27 million) in long-term debt financing from Tata Capital Ltd.
This financing will support Sunsure Energy’s expanding portfolio of open-access solar projects in Uttar Pradesh, totaling 75 MWp in operational capacity.
Founded in 2014, Sunsure has developed and installed solar power plants for 70+ Indian industrial companies across over 16 states, including multinationals like Sandoz, KSB Pumps, Emcure, Dabur, Olon API, and more. Sunsure was founded by Shashank Sharma, Shantanu Faugaat, Manish Mehta, Kartikeya N. Sharma, and Tarunveer Singh.
The financing is structured across five SPVs and covers commissioned solar projects strategically located across Uttar Pradesh. These projects are delivering clean energy to several renowned industrial consumers in the state, contributing to a greener future and offsetting an estimated 80,000 tonnes of carbon dioxide annually, according to Sunsure.
“We are committed to advancing India’s clean energy sector through strategic financing. Our support for this project reflects our belief in the transformative potential of renewable energy in India.” Manish Chourasia, Chief Operating Officer- Corporate and Cleantech at Tata Capital said.
In 2022, Swiss investment firm Partners Group acquired a majority stake in Sunsure for $400 million.
Tata Capital is the financial services arm of India’s $144 billion salt-to-aviation Tata conglomerate, and its investment interest in Sunsure follows several other investments in the renewable energy sector of India and evidences the rising interest of investors in the industry.
Last month, Indian renewable energy firm Continuum Green Energy secured a $150-million equity investment from Just Climate, a specialist investment firm established by former US Vice President Al Gore’s Generate Investment Management.
In July, Canada’s Brookfield acquired a majority stake in Tamil Nadu-based renewable energy company Leap Green Energy for an investment of $200 million through a combination of subscription of new shares and acquisition of shares from current shareholders.
In April, Avaada Energy, the renewable energy arm of India’s Avaada Group, closed $535 million (Rs 4,471 crore) in refinancing from the state-owned National Bank for Financing Infrastructure and Development (NaBFID).
Separately, the International Finance Corporation (IFC) said it is considering a $125-million equity investment in Indian solar panel provider Fourth Partner Energy, according to a disclosure.
Previously, GPS Renewables, India’s full-stack technology firm focused on clean fuels, raised $50 million in debt financing from private and public sector banks and NBFCs.
Separately, tech-to-tractor conglomerate Mahindra Group will invest Rs 1,200 crore (about $144 million) to set up solar and wind energy projects of 150 megawatt (MW) hybrid capacity in India, it said recently.
