BluPine Energy, a prominent player in the renewable energy sector established in India by global infrastructure investor Actis, has announced the successful financial closure for its 120 MW Solar Project located in Sadla, Gujarat under GUVNL 18.
The company has achieved a significant milestone by securing debt financing for the project from HDFC Bank, India’s largest private sector bank. The total debt sanctioned for this ambitious venture amounts to INR 418 crores (USD 50.1 Million).
Upon completion, the solar plant is projected to generate approximately 3.23 lakh MWh of solar energy annually, offsetting an estimated over 2.96 lakh tons of CO2 eq. annually and providing power to approximately 2.7 lakhs households annually.
Sanjeev Bhatia, CFO of BluPine Energy, expressed the importance of securing financial closure for the project, highlighting the role played by HDFC Bank in enabling this achievement. He emphasized the opportunity to contribute to the renewable energy market and foster a more sustainable future.
With the addition of the Sadla project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat is set to scale up to 750 MW respectively across 7 projects under GUVNL. The overall renewable energy capacity is expected to reach approximately 2.6 GW, with 730 MW currently operational.
Rakesh Singh, Group Head – Investment Banking & Private Banking at HDFC Bank, affirmed the bank’s commitment to supporting India’s renewable energy sector and energy transition projects. He expressed satisfaction in partnering with BluPine Energy on the solar power project, highlighting the bank’s dedication to funding climate-sensitive solutions and reducing carbon footprint in India.
The electricity generated from the Sadla plant will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a Power Purchase Agreement (PPA) for a duration of 25 years from the scheduled commercial operation date.
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