EQT-backed Resolven has executed its first INR 4.5bn (USD 48.34m) refinancing of its 136 MWp operational portfolio across the Indian states of Telangana and Karnataka.

In an emailed statement on 2 April, the Indian renewable energy platform said the refinancing, undertaken with NIIF Infrastructure Finance, covers assets with long-term power purchase agreements with state distribution companies.

The transaction reduces in financing costs by over 100 basis points, alongside an extension in loan tenor by three to five years.

Emailed Press Release:

Resolven secures ₹450 crore refinancing at fixed rates amid volatile market conditions

Resolven, an Indian clean energy IPP backed by EQT, has successfully executed its first ₹450 crore refinancing of its 136 MWp operational portfolio across Telangana and Karnataka—marking a notable milestone in a fluctuating interest rate environment.

The refinancing undertaken with NIIF Infrastructure Finance Limited (NIIF IFL), covers assets with long-term power purchase agreements (PPAs) with state distribution companies and a strong operational track record of over seven years. The refinancing delivers a reduction in financing costs by over 100 basis points, alongside an extension in loan tenor by 3–5 years, significantly enhancing the company’s liquidity profile and balance sheet resilience.

Abhinav Agarwal, Chief Financial Officer, Resolven, said: “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 optimizing on portfolio returns for our institutional shareholder.”

Sourabh Shrivastava, Director – Business, NIIF IFL, said: “At NIIF IFL, we are pleased to partner with Resolven on this refinancing transaction. 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. We look forward to continuing our partnership and contributing to the growth of India’s renewable energy ecosystem.”

Key priorities for the company in 2026 include the timely commissioning of its utility scale projects, securing development pipeline enhancing presence in the C&I markets and prioritising evacuation infrastructure and substation readiness to support hybrid and storage-led growth.

About Resolven

Resolven is a next-generation vertically integrated, multi-technology Indian renewable energy platform with a ~5.5 GW pipeline and a strategic ambition to deliver 10 GW of high-quality renewable assets by 2030. With a sharpened strategic focus on disciplined growth, operational excellence, digitalisation, and capital efficiency, the company is committed to accelerating India’s clean energy transition while delivering long-term value to stakeholders. The company is led by an experienced and committed leadership team, built on the foundation established and strengthened under Zelestra. Resolven is powered by EQT, one of the world’s largest private markets firms with EUR 270 billion in total assets under management.