Oyster Renewable Energy’s subsidiary, Oyster Green Hybrid Three, has secured financial closure for its 342 MW solar-wind hybrid power project in Madhya Pradesh.
The company has secured a Rs 1,844 crore loan from Union Bank of India with a tenure of approx. 20 years, marking one of the largest debt financings for a hybrid renewable energy project in the state. The project will connect to the inter-state transmission system (ISTS) grid, ensuring efficient power evacuation.
Oyster has signed a 25-year power purchase agreement (PPA) under captive power norms with a major industrial client. This hybrid project is expected to displace nearly 8,00,000 tonne of CO2 emissions annually, contributing significantly to India’s clean energy and decarbonisation goals.