Oyster Renewable Energy today announced its subsidiary, Oyster Green Hybrid Three, has achieved financial closure for its 342 MW solar-wind hybrid power project in Madhya Pradesh. The company has secured a project loan of INR 1,844 crore from Union Bank of India with a tenure of around 20 years, marking one of the largest debt financings for a hybrid renewable project in the state.
The co-located solar-wind project will connect to the Inter-State Transmission System (ISTS) grid. Oyster stated that it has already finalized a 25-year power purchase agreement (PPA) under captive power norms with a leading process industry unit. The project is expected to help offset around 8 lakh tons of CO₂ emissions annually.
Siddharth Bhatia, managing director, Oyster Renewable Energy, said: “Securing financial closure for our 342 MW hybrid project is a defining milestone in Oyster Renewable’s journey. With this project, Oyster Renewable Energy further strengthens its portfolio of innovative hybrid and captive power solutions that bridge the gap between industrial demand and sustainable energy supply.”
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