Sunsure secures loan for 75-MWp open access solar project in India

Indian solar developer Sunsure Energy has locked in a loan to build a 75-MWp open access solar project. The company announced the deal this week but did not name the lender or disclose the loan amount.

The plant will come up in the state of Maharashtra. It is designed to sell power directly to commercial and industrial customers under India's open access rules. Those rules let large power users buy electricity from private generators outside the grid's default supply.

Sunsure said the project will help businesses cut their electricity costs and meet clean energy targets. Open access solar has grown fast in India as companies look to shrink their carbon footprint without waiting for the grid to go green.

The 75-MWp capacity is measured in peak watts, a standard for solar panels. The actual output will depend on sunlight and weather at the site. Construction is expected to start soon after the loan closes.

Sunsure Energy is based in Gurugram. It has built over 1 GW of solar capacity across India, including both open access and utility-scale plants. The company also runs a portfolio of rooftop solar installations for businesses.

This project adds to a string of open access solar deals in India. In 2024 alone, developers announced over 2 GW of new open access capacity. Falling solar panel prices and rising grid tariffs have made the model attractive for factories, malls, and offices.

The loan comes at a time when Indian banks are warming up to renewable energy lending. The Reserve Bank of India has pushed lenders to classify green projects separately, making it easier to fund them. Still, developers often complain that loan terms are too short for solar plants that last 25 years.

Sunsure did not say whether the loan is tied to a specific bank or a consortium. The company also gave no timeline for when the plant will start feeding power.

Open access projects face hurdles. State distribution companies often resist them because they lose high-paying industrial customers. Some states have slapped additional charges on open access power to protect their own revenues. Maharashtra, where this plant is located, has been a mixed bag for open access. The state has supportive policies but also imposes cross-subsidy surcharges that eat into savings.

Sunsure has navigated these issues before. The company has operational open access plants in multiple states and claims a track record of delivering power at competitive rates.

The 75-MWp project will likely source solar panels from domestic or Chinese manufacturers, depending on price and availability. India's basic customs duty on imported solar cells and modules has pushed some developers toward local suppliers, but Chinese panels remain cheaper.

Sunsure has not revealed the equipment suppliers for this project. The company typically works with tier-1 module makers and inverters from global brands.

Once operational, the plant will offset an estimated 1.1 million tonnes of carbon dioxide over its lifetime, based on typical Indian grid emission factors. That is roughly equal to taking 2.4 lakh cars off the road for a year.

The project also fits into India's broader goal of 500 GW of non-fossil fuel capacity by 2030. Open access solar is expected to contribute about 30 GW of that target, according to government estimates. But progress has been slow. Bureaucratic delays and payment risks from state utilities remain top concerns for investors.

Sunsure's loan deal shows that capital is still flowing into the sector. Whether the plant comes online on time will depend on land acquisition, grid connectivity, and monsoon weather during construction.