Vena Energy’s India hybrid plant project reaches financial close

It is targeted to start operations by the fourth quarter of 2023.

Vena Energy has achieved financial close for its 176-megawatt hybrid solar and wind energy project in Karnataka state in India.

In a statement, Vena Energy said the Gudadur Hybrid Project is supported by five mandated lead arrangers including Hongkong and Shanghai Banking Corporation Limited (HSBC), BNP Paribas Bank, Mizuho Bank Limited (Mizuho), Sumitomo Mitsui Bank Corporation (SMBC), and Axis Bank Limited.

BNP Paribas, Mizuho, and SMBC served as Green Loan Coordinators, HSBC was the Account and Modelling Bank, whilst Axis Bank Limited acted as the Lenders Agent.

READ MORE: Vena Energy’s 47MW wind project in Japan goes online

Gudadur Hybrid Project, Vena Energy’s first green project financing arrangement in India, is composed of 48 MW of solar capacity and 128 MW of wind capacity.

The project, expected to operate in the fourth quarter of 2023, can generate electricity that can meet the demand of over 500,000 households annually. This is equivalent to reducing around 73,688 tonnes of greenhouse gas emissions compared to thermal generation.