Vibrant Energy, an Indian renewable energy provider, has received Rs 22 billion from the Power Finance Corporation. Vibrant Energy is a division of Macquarie Asset Management’s Green Investment Group (MAM-GIG). The company currently provides companies renewable energy solutions totaling more than 2 GW.
Vibrant Energy will use the funding to help build two 300 MW wind-solar hybrid projects. These two initiatives will be situated in Madhya Pradesh and Karnataka, respectively. According to the renewable energy developer, it is one of the largest project financing plans in the renewables industry in the country this year.
In December 2022, Amazon signed power purchase agreements (PPA) with Vibrant Energy for the two projects. They are anticipated to produce 1,163,000 MWh of clean energy once completed, making them one of the largest wind-solar hybrid corporate PPAs. This is equivalent to the annual electricity use of 380,000 average-sized households in India’s capital city of New Delhi. The initiatives will enhance the three solar farms in Rajasthan that already provide energy to Amazon. The five plants combined have a 720 MW potential for renewable energy.
