BluPine Energy, an Indian renewable energy company started by global investor Actis, has secured funding for a 120 MW solar project in Gujarat. The project, located in Panshina and Radhanpur villages, was awarded by Gujarat UrjaVikas Nigam Ltd (GUVNL).
State Bank of India has approved a loan of INR 436 crore (USD 52.85 million) for the project. The solar plant is expected to generate about 2.98 lakh MWh of electricity per year, reducing CO2 emissions by 2.7 lakh tonnes and supplying power to around 2.7 lakh households.
NeeravNanavaty, CEO of BluPine Energy, said, “This project shows BluPine Energy’s leadership in India’s renewable energy sector. With a total capacity of 2.4GW, including 850 MW already operational in seven states, we are committed to sustainable development.” Sanjeev Bhatia, CFO of BluPine Energy, added, “The funding from SBI is a major milestone. This partnership helps us provide clean energy and shows how innovative financing can support a sustainable future.”
The electricity from the new plant will be sold to GUVNL under a 25-year Power Purchase Agreement (PPA). BluPine Energy is a prominent renewable energy company in India, established by global infrastructure investor Actis.
Specializing in solar and wind energy projects, BluPine Energy is committed to promoting sustainable power solutions across the country. With a portfolio that includes 2.4 GW of renewable energy capacity, the company actively contributes to reducing carbon emissions and meeting the energy needs of numerous households.
BluPine Energy’s projects are strategically distributed across multiple states, reinforcing its role as a key player in India’s transition to clean energy. The company works closely with financial institutions and local governments to ensure the successful implementation and operation of its renewable energy initiatives.
