Independent power producer AMPIN Energy Transition has announced the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of Rs.7.42 billion (~$88.27 million) from Standard Chartered.

The total investment for this project is Rs.9.44 billion (~$112.3 million).

The hybrid project is expected to generate approximately 435 million units of renewable electricity annually. This clean energy output will power an estimated 74,486 households.

The project was awarded under Solar Energy Corporation of India’s (SECI) Tranche-V wind-solar hybrid auction. The power generated will be sold to the SECI under a 25-year power purchase agreement.

“This collaboration with Standard Chartered Bank supports our vision of driving the renewable energy transition and transforming the energy landscape in India,” said Pinaki Bhattacharyya, MD and CEO of AMPIN Energy Transition.

AMPIN operates a 410 MW solar portfolio in Rajasthan, serving a diverse customer base that includes utility, commercial, and industrial clients. The addition of this solar-wind hybrid plant will expand the company’s renewable energy footprint in the state to a total of 1 GW.

Recently, Japan-headquartered Sumitomo Corporation entered India’s corporate power purchase agreement market through a joint venture with AMPIN Energy Transition to supply 1 GW of renewable energy to the industrial sector in the coming years. Sumitomo will hold 49% of the venture and AMPIN 51%.

In May, AMPIN secured funding of up to $35 million from responsAbility, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India.

Earlier, AMPIN Energy Transition secured an investment from Oesterreichische Entwicklungsbank, the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing.

AMPIN has a diverse portfolio that exceeds 3 GW, serving businesses and utilities across 21 states. The company aims to reach 10 GW by 2030.