New Delhi, April 2 -- Indian renewable energy company Resolven, which is backed by Swedish private equity firm EQT, has raised Rs 450 crore ($48.2 million) in debt from NIIF Infrastructure Finance Ltd (NIIF IFL) to refinance its 136 MWp operational solar portfolio in Telangana and Karnataka.
The company said that the refinancing, completed amid market volatility linked to global geopolitical developments, reduces its financing costs by more than 100 basis points and extends loan maturities by three to five years. The assets are supported by long-term power purchase agreements with state discoms and have been operational for over seven years, it said in a release.
"At a time when geopolitical events continue to impact financing markets, our ability to refinance at competitive fixed rates underscores strong confidence placed by the financing fraternity on our ambitious yet disciplined growth journey," Abhinav Agarwal, chief financial officer of Resolven, said in a statement. "This transaction validates our focus on improving financial strength for the business and optimising portfolio returns for our institutional shareholder."
Sourabh Shrivastava, director of business at NIIF IFL, said the transaction involved evaluation of a multi-SPV cash pooling mechanism, counterparty exposures and regulatory aspects.
Resolven, formerly known as Zelestra India, rebranded in late February after EQT decided to retain full ownership of the platform instead of pursuing a sale. The company holds a development pipeline of approximately 5.5 GW and has set a target of 10 GW of renewable capacity by 2030. It is currently in a "proof-of-scale" phase with plans to add over 1.5 GW annually across solar, wind, hybrid and storage projects.
The platform is led by chief executive Parag Sharma, who previously founded and led O2 Power, an EQT-backed renewable platform that was later sold, and served as chief operating officer at ReNew Power. Agarwal also handles chief investment officer responsibilities.
For 2026, the company has listed priorities including commissioning of utility-scale projects, expanding the development pipeline, increasing presence in the commercial and industrial segment, and advancing evacuation infrastructure and substation readiness.
EQT, which manages around €270 billion in assets, has outlined plans to deploy around $1.2 billion in the platform over the next two years, including about $300 million in equity and the balance through debt mobilisation.
Published by HT Digital Content Services with permission from VC Circle.