Vena Energy achieves financial closure for 176 MW wind-solar project in Karnataka

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Vena Energy, a Singapore-headquartered renewable energy company in the Asia-Pacific region, announced this week that it had reached financial close on the 176 MW solar-wind hybrid renewable energy project in the Indian state of Karnataka. The project is located in the Gudadur village and consists of 48 MW of solar and 128 MW of wind capacity. It is expected to achieve commercial operation in the fourth quarter of 2023.

“Once completed, the Gudadur hybrid project will generate enough clean energy to satisfy the electricity requirements of over 500,000 households yearly or the equivalent of reducing around 73,688 tonnes of greenhouse gas emissions compared to thermal generation,” stated Vena Energy.

The Gudadur Hybrid Project is Vena Energy’s first hybrid renewable energy project in India. It is also Vena Energy’s first green project financing arrangement in India, supported by five mandated lead arrangers, including the Hongkong and Shanghai Banking Corp. Ltd (HSBC), BNP Paribas Bank, Mizuho Bank Ltd (Mizuho), Sumitomo Mitsui Bank Corp. (SMBC), and Axis Bank Ltd. BNP Paribas, Mizuho, and SMBC acted as green loan coordinators, HSBC as the account and modeling bank, and Axis Bank as the lenders’ agent.

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