Hero Energies Secures ₹19.8 Billion Funding from SBI, Canara Bank

thumbnail

Follow Mercom India on WhatsApp for exclusive updates on clean energy news and insights


Renewable energy company Hero Future Energies has secured a loan of ₹19.8 billion (~$221 million) from public sector banks State Bank of India and Canara Bank for the development of a 120 MW wind-solar hybrid project with energy storage systems.

In 2024, Hero won the capacity under SJVN’s auction to supply 1,200 MW of firm and dispatchable power from inter-state transmission system-connected renewable energy projects with energy storage systems. The company won the capacity at a tariff of ₹4.25 (~$0.0506)/kWh.

Hero has received the funding for its special purpose vehicle, Clean Renewable Energy Hybrid Three.

The loan has a repayment of tenure of 21 years.

According to the SJVN’s mandates to develop the project, Hero must use wind turbines that are type-certified models listed in the Revised List of Models and Manufacturers by the Ministry of New and Renewable Energy, and solar photovoltaic modules must be included in List-I under the Approved Models and Manufacturers of Solar Photovoltaic Modules.

The projects must have a declared annual capacity utilization factor of at least 80%.

Hero has 7.2 GW of renewable energy projects and 2.3 GWh of battery energy storage systems.

In September 2025, Hero secured ₹10.24 billion (~$115.43 million) in funding from BI to finance a 60 MW wind-solar hybrid project in Andhra Pradesh. The project, which combines solar, wind, and storage and is contracted with the Solar Energy Corporation of India (SECI), is being built in the Kurnool district.

In May 2025, Hero Solar Energy won 120 MW under the SECI’s auction to procure 1.2 GW of round-the-clock power from ISTS-connected renewable energy projects. Hero won the capacity at a tariff of ₹5.06 (~$0.0594)/kWh.

In 2024, Hero Solar quoted the lowest tariff of ₹5.59 (~$0.0675)/kWh to win 120 MW in SECI’s 1.5 GW FDRE auction. There were three other winners in the auction.

RELATED POSTS

Get the most relevant India solar and clean energy news.

RECENT POSTS