Oyster Renewable Energy’s subsidiary, Oyster Green Hybrid Three Pvt. Ltd., have achieved financial closure for a 342 MW solar-wind hybrid project in Madhya Pradesh. The company secured a INR 1,844 crore (~$ 24.77 billion) loan from Union Bank of India with a tenure of about 20 years. The co-located project will connect to the Inter-State Transmission System grid for reliable evacuation. A 25-year Power Purchase Agreement was signed under captive power norms with a process industry unit. The project was expected to displace nearly 8 lakh tons of CO₂ emissions annually. Earlier this year, Jindal Stainless partnered with Oyster Renewable Energy to launch a 282 MW hybrid project in India.