Hero Future Energies (HFE), a renewable energy company, has secured ₹10.24 billion (~$115.43 million) in funding from the State Bank of India (SBI) to finance a 60 MW hybrid project in Andhra Pradesh. The project, which combines solar, wind, and storage, is being built in the Kurnool district and is contracted with the Solar Energy Corporation of India (SECI). This funding was secured through the company’s special purpose vehicle, Clean Solar Power Barmer.
HFE has a global portfolio of 7.2 GW of renewable energy assets and 2.3 GWh of battery energy storage systems across India, Ukraine, Vietnam, and the UK. The company’s portfolio comprises operating or under-construction projects, including traditional wind and solar assets, as well as hybrid power, peak power, firm and dispatchable power, and technologies such as energy storage, green hydrogen, and its derivatives. HFE also works with commercial and industrial consumers in hard-to-abate sectors, including chemicals, refining, manufacturing, steel, cement, and transportation.
The company has had success in recent auctions, including winning 120 MW at a tariff of ₹5.06 (~$0.0594)/kWh in SECI’s auction to supply round-the-clock power from interstate transmission system (ISTS)-connected renewable energy projects in May. Additionally, HFE won 270 MW at a tariff of ₹3.52 ($0.0415)/kWh in SECI’s Tranche XVII auction to develop ISTS-connected solar power projects integrated with 1,000 MW/4,000 MWh energy storage systems in December last year.
Despite HFE’s success, total global corporate funding for the solar sector dropped by 39% year-over-year to $10.8 billion in the first half of 2025, according to Mercom India’s 1H and Q2 2025 Solar Funding and M&A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year. HFE’s funding from SBI is a notable exception to this trend, and the company’s ability to secure funding for its hybrid project in Andhra Pradesh demonstrates its strength in the renewable energy sector.