Sunsure Energy on Wednesday said it has inked a pact with state-owned REC Ltd. to get a loan of ₹10,000 crore ($1.19 billion) for green energy projects, according to the PTI.
The agreement was signed on the sidelines of the 4th Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy in Gandhinagar, Gujarat.
The news agency reported that REC and Sunsure Energy partnered for debt financing to support the development of 3 gigawatts of solar, wind, hybrid and battery energy storage projects.
Sunsure Energy Chief Operating Officer Shantanu Faugaat and REC Executive Director Saurabh Rastogi signed the agreement, the statement said.
This partnership will empower Sunsure Energy to expand its open-access hybrid projects across India, including intrastate solar and solar-wind hybrid projects.
By supplying clean energy to commercial and industrial customers, these projects are estimated to offset 5 million tonnes of carbon dioxide annually, the statement said.
Sunsure Founder Shashank Sharma said: “…we foresee immense potential in joining forces. We are aligned on a shared ambition to accelerate India’s transition to a more sustainable and energy-independent future and are very excited with this partnership with REC.”
Sunsure Energy is currently powering the sustainability journey of over 70 Indian industrial giants across 16 states, including multinationals like Sandoz, Lupin, KSB Pumps, Inox Air Products, Emcure, Dabur and Olon API.
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