Hindustan Power has achieved financial closure for its 435 MW solar project in Lalitpur, Uttar Pradesh after securing ₹11.35 billion (~$113.5 million) in debt financing from Indian Renewable Energy Development Agency (IREDA).

Hindustan Power is focusing on integrated solar and battery energy storage solutions to strengthen grid reliability, enable renewable energy integration, and accelerate India’s clean energy transition.

In April this year, MB Power, a subsidiary of Hindustan Power, was among the winners of Punjab State Power Corporation’s auction to procure 500 MW of solar power from projects located anywhere in the country on a long-term basis. The company won 100 MW out of a quoted capacity of 150 MW at a tariff of ₹3.07 (~$0.0329)/kWh under the bucket filling method.

Last year, Hindustan Thermal Project (Hindustan Power) was among the winners of Bihar State Power Generation Company’s auction to set up standalone battery energy storage systems of a cumulative capacity of 125 MW/500 MWh. The company won 30 MW/120 MWh at a tariff of ₹444,000 (~$5,180.26)/MW/month.

India added a record 27 GW of solar capacity in the first half (1H) of the calendar year 2026, up 49% year-over-year (YoY) from 18 GW, according to Mercom India Research’s Q2 and 1H 2026 India Solar Market Update.

The country installed nearly 12 GW of solar capacity in the second quarter of 2026, making it the second-highest quarterly addition on record. Installations declined 24% from 15 GW in the first quarter but remained broadly flat YoY.

Global solar companies raised $16.9 billion in corporate funding during the first half of 2026, a 56% YoY increase from $10.8 billion in the corresponding period of 2025, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026. Global venture capital funding declined 40% YoY to $1.5 billion in 1H 2026 from $2.5 billion.