PFC Backs Vibrant Energy With Over INR 2,200 Cr Funding For 300 MW Hybrid Projects

Vibrant Energy Signs PPA with UltraTech Cement for 21.60 MW Wind Energy

An owner and developer of corporate renewable energy solutions, Vibrant Energy, has secured more than INR 2,200 crores of project financing from Power Finance Corporation Ltd. (PFC). This funding will aid the firm in establishing 300 MW (AC) of wind-solar hybrid projects in Madhya Pradesh and Karnataka. Vibrant Energy claims this financing will be among the largest project financing deals in the Indian renewables industry in 2023.

PFC is an Indian central public sector undertaking and a leading non-banking financial institution under the ownership of the Ministry of Power.

Srinivasan Viswanathan, CEO, of Vibrant Energy, commented on the partnership, “We are excited to partner with Power Finance Corporation 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.”

Vibrant Energy, a portfolio firm of Macquarie Asset Management’s Green Investment Group (MAMGIG), currently operates and delivers more than 2 GW of renewable energy solutions for corporates.

Danish wind energy major Vestas and Hyderabad-based Vibrant Energy have signed a deal for two wind projects in India. Vestas will supply 36 units of V155-3.6 MW turbines as part of the order.