Resolven mobilizes $900 million, eyes fresh $219 million

Swedish private equity firm EQT-backed renewable energy platform Resolven, carved out of Spanish company Zelestra’s India business in February, has mobilized around $900 million in financing since becoming an independent company.

The company is in advanced stages of closing $219.5 million (around ₹2,100 crore) in financing for 400 megawatts of wind-solar hybrid projects from financing institutions, it said in a statement on Wednesday.

It added that about $700 million is fund-based debt financing, and $200 million is group-level non-fund lines. These financings have been mobilized from a diversified set of 15 lenders spanning public sector banks, private banks, MNC banks and infrastructure financing institutions.

“In March 2026, the company's financing journey began with the closing of ₹450 crore refinancing of its 136MW operating assets with an infrastructure debt fund, which reduced the company's interest costs and locked in fixed rates in a volatile environment,” it said.

Over the past few quarters, Resolven has secured financing for 1 GW of multi-technology firm and dispatchable renewable energy (FDRE) and hybrid renewable projects. The funding comprises a mix of rupee-denominated loans and external commercial borrowings (ECBs).

“When we set out on our ambitious journey of building a 10GW renewable energy company, we wanted to broaden our lender base and diversify our financing mix while optimizing the overall cost of capital. Over the course of this year, we have onboarded several domestic and international lenders to support our growth journey. This is a reflection of our strong pedigree, robust governance and the team’s execution capabilities," said Abhinav Agarwal, chief financial officer, Resolven, in the statement.

Resolven is targeting more than 1.5GW of new renewable capacity annually across solar, wind, hybrid and battery storage, and aims to reach 10GW by 2030. Currently, it has a development pipeline of around 5.5GW across solar, wind, hybrid and storage.

Rituraj Baruah is a special correspondent covering energy, housing, urban affairs, heavy industries and small businesses at Mint. He has reported on diverse sectors over the last eight years including, commodities and stocks market, insolvency and real estate; with previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.

Get Latest real-time updates

Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

✕

Wait for it…

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.