Hindustan Power has achieved financial closure with the Indian Renewable Energy Development Agency for a debt facility of Rs 11,350 million (mn) to fund a 435 megawatt peak (MWp) solar project in Lalitpur, Uttar Pradesh. The project benefits from a long-term power purchase agreement with Uttar Pradesh Power Corporation Limited after the company won the tender in April 2025. The company commenced work on the site about a year ago and secured the financing after developing initial infrastructure.

The facility will support construction and early operations and underpins the project’s commercial framework for the duration of the PPA, which extends for 25 years. The financing was arranged after the developer mobilised resources and progressed key milestones on the ground. Lenders and the agency structured the debt to align with the project timeline and contractual cash flows.

The Lalitpur installation is among the largest solar projects under development in the state and is expected to contribute significantly to meeting Uttar Pradesh’s growing electricity needs through clean generation. By adding large-scale renewable capacity, the scheme aims to support the state’s energy transition objectives and reduce reliance on thermal generation. The project forms part of the company’s broader strategy to expand utility-scale solar capacity across regions.

Ratul Puri, chairman of Hindustan Power, described the initiative as an important milestone in the firm’s renewable expansion and said the project reflects a long-term commitment to building reliable and sustainable generation capacity. He indicated that the company is focused on timely execution and on delivering operational performance that supports long-term energy security. Leadership emphasised adherence to efficiency and sustainability standards during development.

Work is reported to be progressing according to the planned development schedule and commercial operations timelines will depend on construction milestones and regulatory clearances. The project will now proceed under the secured debt facility and the long-term PPA with Uttar Pradesh Power Corporation Limited.