Neon Hybren Secures INR 1,400 Million Funding for 45 MWp Punjab Solar Project

Neon Hybren Pvt. Ltd., a wholly owned subsidiary of Mahindra Sustem, has successfully achieved financial closure for its 45 MWp solar power project in Bathinda District, Punjab.

The project has secured bank loan facilities of INR 1,400 million from the Export-Import Bank of India under Exim Bank’s Sustainable Finance Programme (SFP).

The solar project has a power purchase agreement in place with Swaraj Tractors Division of Mahindra & Mahindra, ensuring long-term off-take of the generated electricity.

This development marks a significant step in Mahindra Sustem’s ongoing efforts to expand India’s renewable energy infrastructure and promote sustainable growth in the energy sector.

Earlier this year, its subsidiary, Illuminate Hybren, won a 240 MW capacity in NHPC's solar hybrid auction at INR 3.41/kWh. In December, Illuminate Hybren also secured 120 MW in NTPC's solar auction at INR 2.60/kWh.