(Credit: Canva Pro)Vibrant Energy has secured $268.8M in funding from Power Finance Corporation. Representing one of the largest project financing deals in India’s renewables sector this year.
The Indian renewable energy developer plans to use the financing to construct two wind-solar hybrid projects with a total capacity of 300 MW. The hybrid projects will be located in the states of Madhya Pradesh and Karnataka.
Vibrant Energy presently manages more than 2GW of renewable energy solutions for corporations. Two new projects are regarded as some of the largest wind-solar hybrid corporate power purchase agreements (PPA) in the nation. In December of last year, Amazon, the online retail giant, signed the PPA with Vibrant Energy.
As a result of this partnership, the projects are expected to generate 1,163,000 MWh of clean energy once operational. This is equivalent to the annual electricity needs of 380,000 average-sized households in India’s capital city, New Delhi.
Vibrant Energy CEO Srinivasan Viswanathan expressed his excitement about the partnership with Power Finance Corporation and Amazon, saying, “This partnership will bring us closer to achieving India’s vision of realizing 500 GW by 2030. We look forward to continuing this partnership and enabling more green energy solutions for Corporate India.”
Abhinav Singh, Amazon India's customer fulfillment, supply chain, and global specialty fulfillment director, said, “As the largest corporate purchaser of renewable energy globally, we continue to build momentum for our renewable energy investments in India.
Singh further states, "The two new projects represent Amazon’s first wind-solar hybrid projects globally. We are on a path to powering our operations globally with 100% renewable energy by 2025 and have worked with government and industry stakeholders in India to unlock more corporate renewable energy procurement in the country. This year, we have reached over 720MW of renewable energy capacity through utility-scale projects in India.”
Furthermore, the two wind-solar hybrid projects by Vibrant Energy will be joining three solar farms in Rajasthan that also provide electricity to Amazon. Together, these five projects will have a total renewable energy capacity of 720MW.
The secured financing by Vibrant Energy for the wind-solar hybrid projects signifies a critical milestone toward achieving India's renewable energy targets. In addition, it underscores the growing significance of corporate procurement of renewable energy in the country.
