Between January and April this year, newly installed wind and solar power in China reached 62.5GW. Credit: Vibrant Energy.

Vibrant Energy, an Indian renewable energy developer, has obtained Rs22bn ($268.8m) in funding from Power Finance Corporation.

Vibrant Energy is a subsidiary of Macquarie Asset Management’s Green Investment Group (MAM-GIG). The company currently operates more than 2GW in renewable energy solutions for corporates.

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The financing will support Vibrant Energy for the construction of two wind-solar hybrid projects totalling 300MW. These two projects will be located within the states of Madhya Pradesh and Karnataka.

According to the renewable energy developer, it is one of the largest project financing deals in the renewables sectors in the country, this year.

Vibrant Energy CEO Srinivasan Viswanathan said: “We are excited to partner with Power Finance Corporation in building one of India’s biggest corporate renewable energy projects.

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“This partnership will bring us closer to achieving India’s vision of realizing 500 GW by 2030. We look forward to continuing this partnership and enabling more green energy solutions for Corporate India.”

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Last December, online retail giant Amazon entered into power purchase agreements (PPA) with Vibrant Energy for the two projects.

Considered to the one of the largest wind-solar hybrid corporate PPAs, they are expected to generate 1,163,000MWh of clean energy, when completed.

This equates to the electricity needs of 380,000 average-sized households in India’s capital city New Delhi annually.

The projects will join three solar farms in Rajasthan which will also supply power to Amazon. The five projects have a combined renewable energy capacity 720MW.

When the PPA was announced, Amazon India customer fulfilment, supply chain and global specialty fulfilment director Abhinav Singh said: “As the largest corporate purchaser of renewable energy globally, we continue to build momentum for our renewable energy investments in India. The two new projects represent Amazon’s first wind-solar hybrid projects globally.

“We are on a path to powering our operations globally with 100% renewable energy by 2025 and have worked with government and industry stakeholders in India to unlock more corporate renewable energy procurement in the country. This year, we have reached over 720MW of renewable energy capacity through utility-scale projects in India.”