Hindustan Power closes ₹1,135 crore debt for 435 MWp solar project in UP

Hindustan Power has achieved financial closure for a 435 MWp solar project in Lalitpur, Uttar Pradesh, backed by ₹1,135 crore debt from IREDA.

This article was drafted with AI assistance from multiple sources and was reviewed and approved by a human editor before publication.

Hindustan Power announced on Thursday that it has achieved financial closure for a 435 MWp (300 MW) solar project in Lalitpur district, Uttar Pradesh. The company said the project's debt facility of ₹1,135 crore has been provided by the Indian Renewable Energy Development Agency (IREDA). The project was won through a bidding process held in 2025 and is backed by a long-term power purchase agreement with Uttar Pradesh Power Corporation.

Ratul Puri, Chairman of Hindustan Power, said: "The 435 MWp solar projects in Uttar Pradesh marks an important milestone in our renewable energy expansion. Uttar Pradesh is experiencing growing energy demand alongside an increasing focus on renewable energy, and projects of this scale will play an important role in strengthening the state’s clean energy capacity."

Puri added: "The project reflects our long-term commitment to developing large-scale renewable energy infrastructure that can support India’s evolving energy needs. As the country accelerates its energy transition, our focus remains on building reliable, efficient and sustainable generation capacity while contributing to long-term energy security."

The financial closure represents a key step for the project, which is expected to contribute to the state's renewable energy capacity. The project is part of Hindustan Power's broader strategy to expand its renewable energy portfolio in India.

The company's announcement highlights the growing momentum in India's solar energy sector, driven by supportive policies and increasing demand for clean power. The project's development is expected to create employment opportunities during construction and operation phases, though specific figures were not disclosed.

Hindustan Power's successful financial closure for this project underscores the viability of large-scale solar investments in Uttar Pradesh, a state with significant solar potential. The long-term PPA with UPPCL provides revenue certainty, making the project attractive to lenders like IREDA.

As India continues to push for increased renewable energy adoption, projects like this one are crucial for meeting the country's ambitious targets. The company's commitment to sustainable energy infrastructure aligns with national goals, and the successful closure of financing is a positive signal for the sector.