Corporate Guarantee of about Rs 347 Cr approved for step-down subsidiaries

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AI summary

Insolation Energy approved a corporate guarantee of about Rs 347.07 Crores for 22 step-down subsidiaries to help them secure a Rupee Term Loan Facility from Aseem Infra Finance. The funds will support 400 MW PM KUSUM Component A ground-mounted solar projects in Rajasthan. Guarantee valid till 12 months from COD or project stabilisation. Will be recorded as contingent liability with no immediate financial impact.

Likely market impact

Contingent liability of about Rs 347 Cr for subsidiaries; supports renewable energy growth. No immediate cash impact on the company.