EQT-backed Resolven, formerly Zelestra India, has secured approximately $48.5 million (Rs 450 crore) in refinancing for its 136 MWp operational renewable energy portfolio across Telangana and Karnataka.
The refinancing, arranged with NIIF Infrastructure Finance Limited (NIIF IFL), applies to assets tied to long-term power purchase agreements with state distribution companies. The transaction is expected to lower financing costs by more than 100 basis points and extend loan tenors by three to five years, improving liquidity and strengthening the company’s balance sheet.
“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. This transaction validates our focus on improving financial strength for the business and optimising on portfolio returns for our institutional shareholder,” said Abhinav Agarwal, Chief Financial Officer, Resolven.
Resolven operates as a vertically integrated renewable energy platform in India, with an estimated project pipeline of around 5.5 GW. The company is targeting expansion of its renewable energy capacity in the coming years.
In 2026, Resolven plans to focus on commissioning utility-scale projects, expanding its development pipeline, increasing its presence in the commercial and industrial (C&I) segment, and strengthening evacuation infrastructure and substation readiness to support hybrid and storage-based projects.
“This transaction reinforces our focus on building long-term partnerships and supporting resilient infrastructure platforms in India. The transaction involved detailed evaluation of multi-SPV cash pooling mechanism, counterparty exposures and regulatory considerations. The financing structure was designed to provide flexibility while maintaining robust credit safeguards, reflecting our disciplined underwriting approach,” said Sourabh Shrivastava, Director-Business, NIIF IFL.
