Renewable energy solutions provider Vibrant Energy has secured funds to construct 300MWac hybrid projects in India.
Vibrant Energy said the project financing worth INR22 billion (US$267.9 million) provided by Indian non-banking financial entity Power Finance Corporation will be used for the wind-solar hybrid projects located in Madhya Pradesh and Karnataka. According to the company, this will be the largest project financing deal in India’s renewables industry this year.
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“This partnership will bring us closer to achieving India’s vision of realising 500GW (of renewable energy projects) by 2030. We look forward to continuing this partnership and enabling more green energy solutions for corporate India,” said Srinivasan Viswanathan, CEO of Vibrant Energy.
Previously, PV Tech reported that the Commercial and Industrial (C&I) renewables market in India is expected to grow by 47GW over the next five years, as policy tailwinds and decarbonisation targets spur growth.
The latest report from energy analyst firm Bridge To India – the India Corporate Renewable Market March 2023 report – said that whilst direct renewable energy procurement currently accounts for just 6% of corporate electricity consumption in India, many corporate customers are looking to increase their renewables purchases.
Corporate customers account for 51% of the country’s total consumption, the report said, and thus the potential demand base is significant.
Additionally, India is looking to install 450GW of solar capacity by 2030, and its corporate sector will play a large part in that.