Oyster Renewable Energy Secures Rs 1,844-Cr Loan

New Delhi, Sep 29 (PTI) Oyster Green Hybrid Three, a subsidiary of Oyster Renewable Energy, has received a loan worth Rs 1,844 crore for its 342 MW hybrid power project in Madhya Pradesh.

The company has achieved the financial closure for the solar-wind hybrid power project 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, Oyster Renewable Energy said in a statement on Monday.

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 leading process industry unit.

The project is expected to displace nearly 8 lakh tonnes of CO2 emissions annually, making a significant contribution to India's decarbonisation targets.