Vena Energy, Asia-Pacific’s leading renewable energy company, announced today that it has reached financial close on the Gudadur Hybrid Project, a 176 MW solar-wind hybrid renewable energy project in the Indian state of Karnataka.
The project consists of 48 MW of solar capacity and 128 MW of wind capacity, and it is expected to achieve commercial operation in the fourth quarter of 2023. Once completed, the Gudadur Hybrid Project will be capable of generating enough clean energy to satisfy the electricity requirements of over 500,000 households yearly, its equivalent of reducing around 73,688 tonnes of greenhouse gas emissions compared to thermal generation.
The Gudadur Hybrid Project is Vena Energy’s first green project financing arrangement in India and is supported by five Mandated Lead Arrangers, including the 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 acted as Green Loan Coordinators, HSBC acted as Account and Modelling Bank, and Axis Bank Limited acted as the Lenders Agent.
“The Gudadur Hybrid Project combines the benefits of solar and wind energy to increase power system efficiency and reduce the need for grid expansion. By co-locating solar and wind generation systems on the same site, the project generates renewable energy throughout the day and night, making it a cost-effective solution for decarbonizing India’s economy. This approach not only reduces carbon emissions but also lowers the Levelized Cost of Energy (LCOE), which makes it an attractive option for sustainable development, and a powerful catalyst for India’s transition to a greener future.” said Nitin Apte, CEO of Vena Energy. “We are thankful to our financial partners HSBC Bank, BNP Paribas, Mizuho Bank, SMBC and Axis Bank for supporting this project, as we pursue our corporate mission to accelerate the energy transition across the Asia-Pacific region.”
