Sunsure Energy Secures INR 262 Crore Debt for 75 MW Solar Open Access Project in Tamil Nadu

Sunsure Energy, a renewable energy solutions provider for businesses and utilities, has announced that it has secured a total debt commitment of INR 262 Crore for its open access solar project at Ilayangudi, Tamil Nadu. The financing is led by FMO, the Dutch entrepreneurial development bank, which holds the majority of the debt, with the balance of approximately INR 71 crore sanctioned by Axis Bank, one of the largest private sector banks in India. The transaction represents FMO's first project financing in the Group Captive Commercial and Industrial (C&I) renewable energy space in India.

The proceeds will fund the development and construction of the 75 MWp solar project at Ilayangudi, Tamil Nadu. The project will supply clean power to commercial and industrial offtakers across the State under the open access route, supporting their transition to renewable energy.

FMO's participation is aligned with its energy-sector strategy of backing fully green initiatives globally, supporting local renewable energy developers in their growth, and helping close the financing gap in the market. The investment also contributes to India's target of reaching 500 GW of non-fossil fuel-based electricity capacity by 2030.

Axis Bank’s participation reflects its continued commitment to accelerating India’s energy transition, supporting renewable energy capacity creation that enables the country’s industrial sector to decarbonise at scale.

Shashank Sharma, Founder, Chairman and CEO of Sunsure Energy, said, "This financing is a strong endorsement of Sunsure's credentials as a leading catalyst of Corporate India's industrial decarbonization. FMO's and Axis Bank’s trust in our vision, execution capabilities and governance strengthens our resolve and reinforces our commitment to build a next generation energy platform that supports sustainable, climate aligned businesses in India that Make in India for the world. We congratulate FMO for their entry into Group Captive C&I project financing and Axis Bank for their continued support for C&I projects in India.”

Marnix Monsfort, Director - Energy, FMO, said, "We are committed to support India's ambitious energy transition targets and are happy to partner Sunsure Energy, a credible and fast-growing renewable energy developer, in their journey to contribute towards the country’s C&I renewable energy capacity. This transaction brings FMO’s strong global practices and standards to the Indian C&I sector. Our collaboration with Axis Bank, a domestic commercial bank, to deliver a structured project finance solution for the C&I segment in India, aligns well with our objectives of additionality and impact.”

Vijay Mulbagal, Group Head - Wholesale Bank Coverage, Corporate Salary, Sustainability and CSR, Axis Bank, said, "At Axis Bank, we remain committed to financing projects that help accelerate India’s clean energy transition. This partnership with Sunsure Energy and FMO reflects our focus on supporting well-structured renewable energy infrastructure backed by strong governance and execution capability to deliver long-term impact. Such cross-border collaborations highlight a clear capability and opportunity for structured debt financing to support India’s energy transition."