The first phase of the project is already operational, providing clean energy to industrial customers, with the full capacity expected to be completed by March 2025.

Sunsure is developing the Solapur solar park through multiple special-purpose vehicles and has entered into long-term power purchase agreements with various industrial clients across Maharashtra, including Sandoz, KSB, Olon, Bharat Forge, Kirloskar Brothers, Wonder Cement, Lupin, and Emcure. The solar park is expected to assist these clients in transitioning to renewable energy, reducing carbon dioxide emissions by approximately 163,000 tonne annually.

Shashank Sharma, the Founder, Chairman, and CEO of Sunsure Energy, mentioned that the long-term financing from Aseem Infrastructure would support the company in expanding its portfolio in Maharashtra.

In September, Sunsure Energy also secured Rs 2.26 billion in long-term debt financing from Tata Capital to strengthen its portfolio of open access solar projects in Uttar Pradesh, with a total operational capacity of 75 MW.

Previously, in May of the previous year, Aseem Infrastructure had provided Rs 3.15 billion to Avaada Energy for a solar power project in the Kalaburagi district of Karnataka. In June 2024, Aseem Infrastructure granted Rs 8.55 billion in long-term green financing to Cleantech Solar to aid in the construction and operation of solar and wind power projects.

According to the recently released 9M and Q3 2024 Solar Funding and M&A Report by Mercom Capital Group, total corporate funding, including venture capital, public market activity, and debt financing in the solar sector, reached $22.3 billion in the first nine months of 2024. This represents a 23 per cent decline from the $28.9 billion raised during the same period in 2023. The number of deals also decreased by 6 per cent year-over-year, with 117 deals in the first nine months of 2024 compared to 124 deals in the same period of 2023.