Vibrant Secures ₹22 Billion from PFC for 300 MW Wind-Solar Hybrid Projects
The projects will be commissioned in Madhya Pradesh and Karnataka
Renewable energy solutions provider Vibrant Energy has secured project financing of more than ₹22 billion (~$268.7 million) from Power Finance Corporation (PFC) to develop 300 MW of wind-solar hybrid power projects in Madhya Pradesh and Karnataka.
“We are excited to partner with PFC in building one of India’s biggest corporate renewable energy projects. This partnership will bring us closer to achieving India’s vision of realizing 500 GW by 2030. We look forward to continuing this partnership and enabling more green energy solutions for corporate India,” said Srinivasan Viswanathan, CEO of Vibrant Energy.
Vibrant Energy is a portfolio company of Macquarie Asset Management’s Green Investment Group. It operates and delivers more than 2 GW of renewable energy solutions for corporate clients.
In a recent interview with Mercom, Vishwanathan said Vibrant would reach close to 5 GW of assets under management capacity in the next three years. He also spoke about the company exploring opportunities to deliver its clients’ green hydrogen and green ammonia.
This week, Vibrant Energy signed a deal with the Denmark-based wind turbine manufacturer Vestas to supply 36 V155 3.6 MW wind turbines. The turbines will be supplied to Vibrant Energy’s two wind projects in India. Vestas is expected to deliver the turbines starting the fourth quarter of 2023, while the commissioning will be complete by the second quarter of 2024.
PFC provides financing for India’s power sector, including renewables. The ₹900 billion (~$11 billion) stimulus package announced by the government for the power distribution companies was also routed through PFC. It approved ₹306.07 billion (~$3.7 billion) in 2020 as part of the liquidity package for distribution companies.
PFC is also one of the lenders from whom renewable energy developers obtain letters of undertaking used as bank guarantees in tenders.
In 2021, PFC issued its maiden Euro Green Bond of £300 million (~$327 million) under the U.S. Global Medium Term Note Program. The bonds have a tenor of seven years at a coupon of 1.841%. The Notes are listed on the Singapore Exchange Securities Trading Limited, NSE International Exchange, and India INX.