Indian renewables company Vibrant Energy has obtained project funding of more than INR 22 billion from a local state-run organization called Power Finance Corporation Ltd (PFC) for the construction of 300 MW worth of hybrid wind and solar projects in India.
The projects would be situated in the central and southwest Indian states of Madhya Pradesh and Karnataka. This initiative is “one of India’s biggest corporate renewable energy projects,” according to CEO Srinivasan Viswanathan.
The company also noted that, so far this year, this is one of the biggest project financing agreements to be struck in India’s renewable energy sector.
Established in 2015, Vibrant is an Indian developer, owner, and operator of renewable energy assets with a pipeline of over 2 GW projects now under construction. It is a portfolio company of Macquarie Asset Management’s Green Investment Group.