BluPine Energy Private Limited, a renewable energy platform backed by Actis, has announced the successful sanction of ₹2416 crore in debt financing for its upcoming 150 MW Firm and Dispatchable Renewable Energy (FDRE) power project located in Aland, Karnataka. The project is being developed by its wholly owned subsidiary, Solarcraft Power India 16 Pvt. Ltd., and falls under the scope of the SJVN 1500 MW FDRE tender issued on 20 June 2023. Standard Chartered has been appointed as the Mandated Lead Arranger, Lender, Sole Green Coordinator, and Account Bank for this transaction, playing a key role in facilitating the financial closure.
Sanjeev Bhatia, Chief Financial Officer, BluPine Energy, said in a statement, “This closure underpins BluPine’s commitment to financial stewardship, robust corporate governance, and strong execution capabilities. It reinforces our strategy of scaling up clean energy infrastructure while ensuring commercial viability and sustainable returns. This financial assistance facilitates us in building the need-of-hour FDRE projects – mix of solar, wind, and battery energy storage assets, which helps in overcoming intermittency of renewable energy sources and providing critical support to DISCOMs during peak demand hours.”
He further mentioned, “It is a testament to our integrated approach for enhancing integration of renewable energy and meeting rising demand of power especially during peak hours. As we continue to develop world-class energy solutions to meet India’s growing electricity demands, partnering with premier financial institutions that share our commitment to a cleaner, stronger grid is essential. This is a significant transaction, and we thank our lending partners for their continued confidence in BluPine and our ability to build top-of-the-line energy centers.”
Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, mentioned, “We are delighted to be the first port of call and primary relationship Bank to BluPine in India and ensure timely financial closure of their projects. Standard Chartered is committed to help businesses adapt to the impacts of climate change, build resilience and provide an opportunity for them to thrive long-term. Globally, the Group is seeking to mobilise $300 billion in sustainable finance by 2030 which will assist in this journey. India is a key sustainable finance market for us, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices.”
This project is scheduled for commissioning in the calendar year 2026. Once operational, it is expected to make a significant contribution towards India’s renewable energy targets and broader energy transition efforts. In addition to delivering clean energy, the project is projected to reduce approximately 687,043 tonnes of carbon dioxide emissions, reinforcing BluPine Energy’s commitment to sustainable development. With this development, BluPine Energy continues to strengthen its presence in the Indian renewable energy sector through a diverse and growing portfolio that includes solar, wind, and FDRE projects across the country.
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