Mahindra Susten Achieves Financial Closure for 300 MW Hazel Hybren Renewable Energy Project in Rajasthan

Mahindra Susten Pvt. Ltd. has achieved financial closure for the Hazel Hybren 300 MW (420 MWp) renewable energy project being developed in Rajasthan.

The financing agreement was executed with HDFC Bank as the sole lender, securing INR 1,025 crore in structured project financing for the 300 MW renewable energy project.

The renewable energy project will supply power to NHPC Ltd. under a long-term power purchase arrangement. The project is expected to strengthen India’s clean energy capacity while supporting the country’s broader decarbonisation and energy transition goals.

“This financial closure is a reflection of the strength of our project fundamentals and the trust placed in us by a premier financial institution like HDFC Bank. The INR 1,025 crore financing for the Hazel Hybren-NHPC project underscores our ability to structure and execute large-scale renewable transactions with discipline and rigour. We remain focused on delivering projects that create long-term value for our stakeholders, and for India’s clean energy transition,” said Rakesh Khaitan, Chief Financial Officer of Mahindra Susten.

With financial closure now achieved, the project will move forward to the next phase of development with full capital commitment. Mahindra Susten has been expanding its renewable portfolio across solar, wind, and hybrid energy projects, focusing on delivering bankable infrastructure that supports India’s transition toward a low-carbon power system.