BluPine Energy Secures Financing for 120 MW Solar Project in Gujarat

BluPine Energy, an Indian renewable energy company backed by global infrastructure investor Actis, has achieved financial closure for its 120 MW solar project in Gujarat, secured through the GUVNL 16 tender.

The green loan financing, obtained via Standard Chartered, a leading global banking institution, is a pivotal step for BluPine Energy in advancing sustainable energy solutions.

Valued at INR 665 crores (USD 80 Million), this visionary project is poised to generate around 3.23 lakh MWH of solar energy annually, mitigating an estimated 2.96 Lakh tons of CO2 and supplying power to about 2.7 lakh households.

Sanjeev Bhatia, CFO of BluPine Energy, expressed delight, stating, “The successful financial closure of our inaugural 120 MW solar project in Gujarat reflects our dedication to pioneering sustainable energy solutions. With a green loan worth INR 511 crores (USD 62 Million), this project not only aligns with India’s clean energy objectives but underscores our commitment to innovation and environmental responsibility.”

Neerav Nanavaty, CEO of BluPine Energy, emphasized the company’s commitment to expanding its clean energy portfolio, aligning with India’s ambitious clean energy target of 500 GW by 2030.

Prasad Hegde, Managing Director, Regional Head Project & Export Finance, South Asia, Standard Chartered Bank, expressed their support, highlighting their commitment to growing renewable energy platforms in India.

The power generated from this plant will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a 25-year Power Purchase Agreement (PPA).

BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will now stand at 360 MW and 290 MW, respectively, across three projects under GUVNL. The company’s overall renewable energy capacity is expected to reach around 1.5 GW, with 360 MW currently operational.