By Enersider Desk | New Delhi
Oyster Green Hybrid Three Pvt. Ltd., a subsidiary of Oyster Renewable Energy Pvt. Ltd., has achieved financial closure for its landmark 342 MW solar-wind hybrid power project in Madhya Pradesh.
The company has bagged a project loan of ₹1,844 crore from Union Bank of India with a tenure of around 20 years, marking one of the largest debt financings for a hybrid renewable project in the state, according to the official statement.
The co-located solar-wind project will be connected to the Inter-State Transmission System (ISTS) grid, ensuring reliable and efficient power evacuation.
Oyster has also finalised a 25-year Power Purchase Agreement (PPA) under captive power norms with a process industry unit. The project is expected to displace nearly 8 lakh tons of CO₂ emissions annually, contributing to India’s decarbonisation targets.
Oyster Renewable Energy, Managing Director, Siddharth Bhatia said: “Securing financial closure for our 342 MW hybrid project is a defining milestone in Oyster Renewable’s journey.”
“This project demonstrates the future of round the clock energy in India. Reliable Green power that fuels industrial growth while advancing national climate goals. The backing from Union Bank of India highlights the confidence in execution strength and the bankability of hybrid renewable solutions,” he said.
He further added,“With this project, Oyster Renewable Energy further strengthens its portfolio of innovative hybrid and captive power solutions that bridge the gap between industrial demand and sustainable energy supply. At Oyster, we remain focused on delivering clean energy infrastructure that sets a new benchmark in India’s energy transition.”
Oyster Renewable Energy, an Independent Power Producer (IPP), focuses on the development, investment, and operation of renewable energy projects across India.
Its portfolio emphasises hybrid systems combining solar and wind power, designed to serve the needs of commercial and industrial consumers while reducing carbon emissions.
