en.Wedoany.com Reported - India-based renewable energy platform Evolve Green Energies has secured a debt financing commitment from Aseem Infrastructure Finance Limited to develop a portfolio of rooftop and group captive solar projects totaling INR 1.05 billion (30 MW) across India. Centrum Capital acted as the sole financial advisor for this financing and has also been mandated to advise on Evolve Green Energies' subsequent equity fundraising to support its solar and battery energy storage system expansion strategy.
Evolve Green Energies currently operates and develops a financed solar project portfolio valued at approximately INR 5.25 billion (150 MW), including assets under construction, backed by several major Indian infrastructure and renewable energy lenders. The portfolio is underpinned by long-term power purchase agreements with industrial and commercial clients in sectors such as fast-moving consumer goods, steel, automotive, and manufacturing, providing predictable contractual cash flows for the assets. The company is advancing a clear pathway to achieve INR 35 billion (1 GW) of solar IPP capacity within the next 24 to 36 months, while strategically integrating battery energy storage systems.
The newly secured capital will be used to accelerate the expansion of Evolve Green Energies' distributed solar project portfolio across government, industrial, and commercial customer segments, with a focus on high-credit off-takers and long-term PPAs. The financing structure is designed to optimize capital efficiency within the project pipeline, enabling faster capital deployment as the company progresses toward its 1 GW target. The company is currently actively engaging with strategic and financial investors to accelerate its equity-led scaling process.
Rajesh V. Shah, Founder, Chairman, and Managing Director of Evolve Green Energies, stated that this financing validates the institutional quality of the platform, including project execution discipline, the strength of the PPA base, and the credibility of the growth roadmap. He noted that the company is a fully backward-integrated platform capable of manufacturing key components such as solar modules, inverters, mounting structures, and BOS components in-house, and that this supply chain ownership directly reduces risk for lenders and provides performance guarantees for clients.
Karan Singh, CEO of the Asset Division, said that this financing is a significant step in consolidating Evolve Green Energies' position as a scaled renewable energy asset owner and operator in India's distributed energy market. He emphasized the division's focus on building a high-quality, cash-flow-generating portfolio supported by strong counterparties and long-term operational reliability.
Nisheeth Khare, Chief Business Officer of Aseem Infrastructure Finance, stated that this transaction aligns strongly with the institution's strategy of providing financing to high-quality renewable energy platforms. Aseem Infra has a loan portfolio of approximately INR 180 billion, with a substantial portion allocated to climate-positive and green assets.
Sandeep Upadhyay, Managing Director of Centrum Capital, said that this transaction reflects strong institutional interest in high-quality distributed renewable energy platforms in India. He noted that Evolve Green Energies represents a differentiated investment proposition as a backward-integrated EPC and IPP platform with contractual cash flows and a credible 1 GW growth pipeline.
Evolve Green Energies is a fully backward-integrated solar EPC and IPP platform in India, producing solar products, inverters, mounting structures, low-voltage panels, and combiner boxes under the EVVO Solar brand. The company currently has a financed capacity of INR 5.25 billion (150 MW), operates across more than 15 states in India, and has a team of over 230 people. Its long-term goal is to achieve INR 10 billion in revenue and INR 35 billion (1 GW) in IPP assets through the Vision 1000 growth strategy. Centrum Capital is one of India's mid-market investment banks, providing advisory and capital market services in infrastructure, renewable energy, real estate, and corporate sectors. Aseem Infrastructure Finance Limited is a non-banking financial company focused on infrastructure debt financing, dedicated to deploying long-term capital into India's infrastructure and energy transition sectors.
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