Crédit Agricole CIB and the Crédit Agricole Group International Business Solutions support Zelestra’s Gorbea solar power project in India

Zelestra has closed financing for its new Gorbea 435-megawatt photovoltaic farm in Rajasthan, with the Indian government as the lead buyer through a 25-year power purchase agreement with the Solar Energy Corporation of India (SECI). The electricity will be produced by Gorbea Solar India SPV, the Indian subsidiary of Spanish renewable energy player Zelestra, which is backed by Sweden's EQT, one of the world's largest fund managers.

This is a major milestone in the development of Zelestra’s ambitious target of 5 gigawatts of renewable energy in the country by 2026. This project will generate clean energy to power more than 128,000 homes in India each year, saving approximately 13.3 million tonnes of carbon emissions over its lifetime.

In line with its continued support for clients in the energy sector and as a priority sector for its franchise in India, Crédit Agricole CIB, together with the Crédit Agricole Group International Business Solutions, is pleased to have supported Zelestra in obtaining project financing denominated in INR for an amount equivalent to €132 million. Crédit Agricole CIB has made a final commitment of €35 million equivalent in INR on this 5-year medium-term debt.

The relationship with Zelestra in India began before its acquisition by EQT via Crédit Agricole Group's local International Desk and has further developed since the acquisition. Building on this strong relationship, Crédit Agricole CIB has been selected as the sole Coordinating Bank for Due Diligence and Documentation among the four mandated banks, Letter of Credit Issuing Bank and Hedging Bank. Crédit Agricole CIB is proud to have played a leading role in this project, demonstrating its ability to provide a full spectrum of bespoke sustainable project finance solutions across multiple products and geographies.