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Hero Future Energies has secured a Rs 1,024 crore funding from State Bank of India (SBI) to finance a hybrid project in Andhra Pradesh.
The 60 MW project, which combines solar, wind and storage, and is contracted with SECI, is being built in Kurnool district of the southern state.
Funding worth Rs 10,240 million (Rs 1,024 crore) has been secured through SPV (special purpose vehicle) Clean Solar Power Barmer.
The funds will be utilised for the development and construction a 60 MW hybrid peak power project, the company said.
This funding, which will have repayment spread over a period of 21 years, will help in timely completion of the said peak power project.
The renewable energy arm of the Hero Group, HFE is backed by leading global investors such as International Finance Corporation (IFC) and KKR.
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