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International Project Finance for Applied Solar in India


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International Business News shows Applied Solar Technologies (“AST” or the “Company”) is a solar PV based off-grid power solution company that provides off grid solar power currently to telecom towers which often rely on diesel based generation for 50 – 100% of their power requirements.

AST builds and operates these solar installations and takes over the power supply management of each site. It uses a combination of solar PV, battery back-up and diesel generator making it a hybrid energy solution that optimizes the usage of various sources through a controller. The optimal usage of these sources results in decreased diesel consumption, increased battery life and reduced diesel generator maintenance and replacement costs resulting in savings for AST’s consumers.

AST plans to install its solution in about 10,000 telecom tower sites in next few years. IFC is considering an investment of a total of up to $21 million in the Company in a combination of equity and debt.

AST’s projects will be at multiple sites in primarily rural areas of India’s states of Bihar, Uttar Pradesh, Orissa and Rajasthan. Logical Lending Solutions P/L, Australia has helped AST raise additional equity and debt financing required to implement its business plan. AST intends to large amount of debt and equity to complete its expansion plan of the next few years. While the company has been able to attract venture capital investors, availability of debt is key to the successful rollout of the Company while ensuring adequate returns for the investors.

The Company does not currently have banking relationships in India and it believes that an association with IFC at this early stage will give it the visibility to attract local banks as well as export credit agencies whose support will be vital for implementing its business plan.


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