New Delhi: Vibrant Energy (Vibrant), a top player in the corporate renewable energy solutions sector, has secured an impressive INR 2,200 crores of project financing from Power Finance Corporation Ltd. (PFC) to construct 300 MWac of Wind-Solar Hybrid projects in Madhya Pradesh and Karnataka. This deal marks one of the largest project financing agreements in India’s renewables industry in 2023.
The CEO of Vibrant Energy, Mr. Srinivasan Viswanathan, expressed his excitement about the partnership with PFC and their commitment to building one of India’s most significant corporate renewable energy projects. The partnership aims to support India’s vision of achieving 500 GW by 2030, and Vibrant Energy is looking forward to continuing their collaboration with PFC to create more sustainable, low-cost energy solutions for corporate India.
Power Finance Corporation Ltd. (PFC) is a non-banking financial institution and a central public sector undertaking under the Ministry of Power, Government of India. PFC has a history of financing and developing significant energy projects in India, and this partnership with Vibrant Energy represents another significant milestone.
Vibrant Energy is a portfolio company of Macquarie Asset Management’s Green Investment Group (MAM-GIG), and its mission is to lead decarbonization initiatives for corporate renewable energy customers. They aim to help their customers achieve a sustainable, resilient, and low-cost energy future. Vibrant Energy is currently operating and delivering over 2GW of renewable energy solutions for corporates.
This project financing deal represents a significant step forward in the Indian renewable energy sector’s growth, and it showcases the potential of public-private partnerships to drive large-scale investment in sustainable energy infrastructure. The Madhya Pradesh and Karnataka Wind-Solar Hybrid projects will create job opportunities, reduce carbon emissions, and provide affordable and reliable clean energy for corporate customers in the region.
In conclusion, Vibrant Energy’s partnership with PFC to develop 300 MWac of Wind-Solar Hybrid projects in Madhya Pradesh and Karnataka is a landmark project financing deal that underscores India’s commitment to achieving its renewable energy targets. As India’s corporate sector continues to adopt renewable energy solutions, Vibrant Energy’s mission to lead decarbonization initiatives for its customers is critical in building a more sustainable, resilient, and low-cost energy future for all.
