Mahindra Susten achieves financial closure for 300 MW Rajasthan hybrid project

Mahindra Susten Private Limited has achieved financial closure for its Hazel Hybren renewable energy project in Rajasthan. The project has a capacity of 300 MW alternating current (AC), equivalent to 420 MWp, with HDFC Bank Limited acting as the sole lender under a binding agreement executed on February 27, 2026.

The structured project financing amounts to Rs 1,025 crore. NHPC Limited has been designated as the off-taker for the project.

The Hazel Hybren project forms part 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.

According to the company, the financing arrangement reflects lender confidence in its 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.

Mahindra Susten stated that 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.

Photo credit: Mahindra Susten