Cleantech Solar to raise $200 million via ECBs

Cleantech Solar, a Southeast Asia and India-focused solar energy systems developer, is planning to raise $200 million or `1,380 crore debt in external commercial borrowings (ECBs) over the next four to six months time, people close to the development told FE.

The Singapore-headquartered firm will utilise the fund to expand its capacity to 500 MW in the next couple of years from the existing 200 MW. Cleantech’s around three-fourth of the existing capacity is based in India and the rest in Southeast Asian countries.

According to sources, “Under ECB, the cost is expected to be cheaper by 100 basis points compared to domestic funds. A majority of the proceeds will be used to set up rooftop projects in India while the rest will be used to set up projects in Southeast Asian countries.”
The company did not respond to an email query sent by FE till the time of going to press.