Mahindra Susten Private Limited has successfully closed the financial side of its Hazel Hybren renewable energy project in Rajasthan. The project can handle 300 MW of alternating current (AC), which is the same as 420 MWp. HDFC Bank Limited has been the only lender since a binding agreement was signed on February 27, 2026.
The structured project financing amounts to ₹1,025 crore. NHPC Limited has been designated as the off-taker for the project.
Part of Hybrid Renewable Energy Portfolio
The Hazel Hybren project is a key component of Mahindra Susten’s hybrid renewable energy portfolio, which includes solar, wind, and hybrid projects.
“Financial closure indicates that the full capital requirement for the project has been secured, enabling the project to move forward to the development and construction stages,” the company said.
Lender Confidence and Bankabilitya
The financing arrangement demonstrates strong lender confidence in Mahindra Susten’s ability to execute large-scale renewable energy projects. “The presence of NHPC as the off-taker links the project to a central government entity with a defined power purchase commitment, which supports the project’s bankability,” the company added.
Alignment with Clean Energy Strategy
Mahindra Susten emphasized that the financial closure aligns with its long-term strategy to expand renewable energy capacity.
“The financial closure of the Hazel Hybren project aligns with its strategy to expand renewable energy capacity and contribute to India’s long-term clean energy transition,” the company stated.
This achievement is a big step toward reaching India’s renewable energy goals, and it shows that banks are becoming more confident in hybrid renewable projects.Mahindra Susten can now move on to the next stage of the Hazel Hybren project: development and construction. This will make the company even more important in the field of renewable energy.
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