BluPine Energy has achieved a significant milestone in its renewable energy endeavors by successfully securing debt financing for its 120 MW Solar Project in Sadla, Gujarat. The financing, provided by HDFC Bank, India’s largest private sector bank, marks a crucial step forward in BluPine Energy’s mission to contribute to the renewable energy landscape and foster a sustainable future.
The total debt sanctioned for this ambitious project amounts to INR 418 crores (USD 50.1 Million). Once operational, the solar plant is projected to generate approximately 3.23 lakh MWh of solar energy annually. This substantial output is expected to offset an estimated over 2.96 lakh tons of CO2 eq. annually and provide power to around 2.7 lakhs households annually, significantly contributing to Gujarat’s renewable energy goals.
Sanjeev Bhatia, Chief Financial Officer of BluPine Energy, emphasized the importance of achieving financial closure for the Sadla project, highlighting the instrumental role played by HDFC Bank. He expressed gratitude for the opportunity to contribute to the renewable energy market and emphasized BluPine Energy’s commitment to creating a more sustainable and environmentally friendly future. With the addition of this 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.
Rakesh Singh, Group Head – Investment Banking & Private Banking at HDFC Bank, reiterated the bank’s commitment to supporting India’s renewable energy sector and energy transition projects. He underscored the importance of partnering with BluPine Energy on the 120 MW solar power project in Gujarat as a step towards advancing climate-sensitive solutions. Singh expressed HDFC Bank’s enthusiasm for collaborating with BluPine Energy on future renewable energy initiatives, reflecting the bank’s dedication to funding green energy projects and reducing carbon footprint in India.
Under a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL), the electricity generated from the Sadla solar plant will be supplied for 25 years from the scheduled commercial operation date, further solidifying BluPine Energy’s commitment to sustainable energy generation and environmental stewardship.
