India-based Vibrant Energy has secured debt funding for a large scale solar-wind hybrid project.
According to media reports, Vibrant Energy has secured Rs 22 billion ($270 million) debt funding for a 300 megawatt solar-wind hybrid project. Funding will be provided by Power Finance Corporation, a government-owned non-banking financial institution.
The project will be located in two states, Karnataka and Madhya Pradesh. The company has not yet revealed the technology-wise capacity split. Once operational, the project will generate over a million megawatt-hours of electricity every year.
The project will make use of an incentive on transmission charge offered by the Indian government. According to the Ministry of Power, all renewable energy projects commissioned before June 2025 will be exempt from payment of inter-state transmission charges. This allows consumers to have projects installed in states with high renewable energy resources irrespective of location of the end-consumer.
The project is expected to supply power to Amazon India. The US e-commerce giant had signed a power purchase agreement with Vibrant Energy in December 2022. The agreement was part of Amazon’s efforts to power its global operations using 100% renewable energy by 2025.
With this agreement Amazon had created a portfolio of 720 megawatts including 420 megawatts of solar power capacity to be located in Rajasthan. Vibrant Energy is a subsidiary of Green Investment Group, owned by Macquarie. The company is focused on developing renewable energy projects for corporate consumers in India. It currently has a portfolio of 2 gigawatts.
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