Renewable energy company Hero Future Energies (HFE) has secured ₹10.24 billion (~$115.43 million) in funding from the State Bank of India (SBI) to finance a 60 MW 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. Funding was secured through the company’s special purpose vehicle, Clean Solar Power Barmer.

HFE has a global portfolio of 7.2 GW of renewable energy assets and 2.3 GWh of battery energy storage systems across India, Ukraine, Vietnam, and the UK, comprising operating or under-construction projects.

Apart from traditional wind and solar assets, the portfolio comprises projects such as hybrid power, peak power, firm and dispatchable power, as well as technologies such as energy storage, green hydrogen, and its derivatives. HFE also works with commercial and industrial consumers in hard-to-abate sectors, including chemicals, refining, manufacturing, steel, cement, and transportation.

Global investors, including the International Finance Corporation and Kohlberg Kravis Roberts & Co., back the company.

In May this year, Hero Solar Energy, a subsidiary of HFE, won 120 MW at a tariff of ₹5.06 (~$0.0594)/kWh in SECI’s auction to supply round-the-clock power from interstate transmission system (ISTS)-connected renewable energy projects.

In December last year, HFE won 270 MW at a tariff of ₹3.52 ($0.0415)/kWh in SECI’s Tranche XVII auction to develop ISTS-connected solar power projects integrated with 1,000 MW/4,000 MWh energy storage systems.

In October last year, Hero Solar Energy won 120 MW at a tariff of ₹4.25 (~$0.0506)/kWh in SJVN’s auction to supply firm and dispatchable power from ISTS-connected renewable energy projects with energy storage systems under tariff-based competitive bidding (FDRE II).

Total global corporate funding for the solar sector dropped by 39% year-over-year to $10.8 billion in the first half (1H) of 2025 from $17.6 billion, according to Mercom India’s newly released 1H and Q2 2025 Solar Funding and M&A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year.