Hero Future Energies Gets ₹1,908 Crore Funding From SBI, Canara Bank

Hero Future Energies (HFE) announced that it has secured ₹1,908 crore in project financing from State Bank of India (SBI) and Canara Bank, as per the news reports. SBI acted as the lead lender in the arrangement.

Project Location and Capacity

The funds will be used for a 120 MW renewable hybrid project at Kurnool, Andhra Pradesh. The project is being developed through the special purpose vehicle Clean Renewable Energy Hybrid Three Private Limited.

The Kurnool project will integrate wind, solar and storage systems. The combination is designed to generate electricity during different times of the day and support peak demand requirements.

Power Supply Contract

The output from the project has been contracted with SJVN, a government-owned power producer. The agreement ensures that the electricity generated will have a long-term buyer.

The financing carries a repayment period of 21 years, according to the company. The structure of the loan allows for the funding of both construction and operational stages of the project.

Role of Public Sector Lenders

Both SBI and Canara Bank have extended funding as part of their renewable energy lending portfolios. Their involvement highlights the continued participation of public sector banks in large clean energy projects across the country.

Hybrid projects that combine different renewable sources with storage are being developed to reduce dependence on a single energy type. Such projects are also intended to provide a more reliable power supply compared to standalone solar or wind plants.

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Conclusion

Hero Future Energies’ financing agreement with SBI and Canara Bank will enable the execution of its 120 MW hybrid renewable project in Andhra Pradesh. The project, backed by a long-term supply deal with SJVN and 21-year financing, adds to India’s pipeline of integrated renewable energy developments.

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