SunSure Energy has announced that towards the last quarter of FY18, it has raised zero-collateral based debt capital from marquee institutions in the clean energy sector including TATA Cleantech Capital, L&T Finance & cKers Finance.
Currently financing limits available are for a total of Rs 15 Cr (USD $2.2 Million) and the proceed of funds would be towards working capital needed for constructing Solar PV projects upto 100 MW in FY19. These limits can be raised higher to accommodate more projects once the lenders have comfort created by quality projects that Sunsure executes.
Anand Srivastava, Director – Corporate Development for Sunsure Energy, said, “We are delighted to have highly respected institutions like TATA Cleantech, L&T finance and cKers as partners in our growth story. The current financing structure is more of a Purchase Order financing which is exactly the kind of capital a project execution company needs. This was not available for companies in the Solar construction space without collateral securities. So we are fortunate to have a first of its kind facility from these institutions which have trusted our execution capabilities.”
He also added, “The security creation will happen on the project assets and equipment that will be bought from the funds and personal guarantees from the promoters. The interest rates are much better than any other non-collateral lending options available in the market for young companies. Being a professionally run company and not a family business, collateral property is generally missing for first generation promoters like us. So traditional banks have very restrictive options for exponentially growing companies like us. They are also turning more reluctant to lend due to high amounts of NPA turnouts with their largest clients.”
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