Oyster Green Hybrid Three, a subsidiary of Oyster Renewable Energy, has achieved financial closure for its 342 MW wind-solar hybrid project in Madhya Pradesh, securing a loan of ₹18.44 billion (~$207.71 million) from the Union Bank of India with a tenure of approximately 20 years.

The company said the co-located solar-wind project will be connected to the interstate transmission system. It added that it has finalized a 25-year power purchase agreement under captive norms with a process industry unit.

Oyster provides solar, wind, and solar-wind hybrid solutions to clients in the commercial and industrial sector. It plans to invest ₹160 billion (~$1.8 billion) to achieve a renewable energy capacity of 2 GW by 2028. The company is expected to close a capacity of 300 MW  by December 1, 2025.

In June this year, Jindal Stainless announced that it would procure approximately 700 million units of renewable energy annually from Oyster Renewable Energy’s 282 MW interstate wind-solar hybrid power projects, which are under development. The projects are being implemented by Oyster’s special purpose vehicle, Oyster Green Hybrid One. Jindal acquired a 33.64% stake in Oyster Green Hybrid One.

The wind-solar hybrid projects comprise an 82 MW wind project and a 135 MW solar project in Agar, Madhya Pradesh, and a 99 MW wind project in Bhuj, Gujarat. The company will invest approximately ₹1.32 billion (~$15.4 million), with ₹792 million (~$9.25 million) allocated to the current tranche upon achieving a milestone.

The projects, backed by a ₹15.17 billion (~$176.65 million) loan by the Indian Renewable Energy Development Agency, are likely to be commissioned by the third quarter of the financial year 2026. The projects are likely to be commissioned by the third quarter of the financial year 2026.

Jindal Stainless also signed a memorandum of understanding with Oyster for a wind-solar hybrid renewable project in Hisar, Haryana, for 100 MW of renewable energy.