The Gudadur hybrid project, a 176 MW wind-solar hybrid project located in Karnataka, has achieved financial closure, according to Singapore-based renewable energy firm Vena Energy.
Comprising 48 MW of solar capacity and 128 MW of wind capacity, the project is expected to be commercially operational by Q4 2023, generating enough clean energy to meet the annual electricity requirements of over 500,000 households and reducing greenhouse gas emissions by 73,688 tons compared to thermal generation.
The project’s financing arrangement is supported by five lead arrangers – HSBC, BNP Paribas Bank, Mizuho Bank, Sumitomo Mitsui Bank Corporation, and Axis Bank – with BNP Paribas, Mizuho, and SMBC serving as green loan coordinators, HSBC providing account and modeling bank support, and Axis Bank acting as the lender’s agent.
By co-locating solar and wind generation systems on the same site, the Gudadur hybrid project improves power system efficiency, reduces the need for grid expansion, and generates renewable energy throughout the day and night, making it a cost-effective solution for decarbonizing India’s economy.