BluPine Energy, a renewable energy services firm, has secured a green loan amounting to Rs 511 crore (USD 62 million) for its upcoming 120 MW solar project in Gujarat. This financing initiative has been facilitated in partnership with Standard Chartered, one of the leading global banking institutions, marking a significant step towards sustainable energy development in India. The entire investment for the project is estimated at Rs 665 crore (USD 80 million).
BluPine Energy, established in India through an USD 800 million investment from Actis’ Energy Fund 5, stands as one of the premier renewable energy service providers. As a global investor and a prominent entity in funding and constructing sustainable infrastructure entities, Actis has facilitated BluPine Energy’s mission to develop an advanced 4+GW renewable energy portfolio exclusively within India. BluPine Energy operates with a robust team of over 100 highly skilled professionals, emphasizing the creation of a sustainable world through tailored decarbonization solutions. BluPine Energy’s clientele includes state and central utilities, commercial buildings, industries, and communities, reflecting its commitment to providing diverse customers with impactful and customized solutions. Specializing in the development, construction, and operation of solar, wind, and storage assets, BluPine Energy is instrumental in creating enduring value for a sustainable future.
Sanjeev Bhatia, the Chief Financial Officer of BluPine Energy, says on this occasion, “With a green loan valued at Rs 511 crore (USD 62 million), this visionary project not only contributes to India’s ambitious clean energy goals but also highlights our unwavering dedication to innovation and environmental responsibility. We are happy to announce the successful financial closure of our first 120 MW solar project in Gujarat.” Upon completion, 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 2.96 lakh tons of CO2 emissions, underscoring the environmental benefits of the renewable energy initiative. Additionally, the solar facility aims to provide power to around 2.7 lakh households, fostering greater accessibility to sustainable energy solutions.
BluPine Energy’s collaboration with Standard Chartered for the green loan is seen as a positive reinforcement of the banking institution’s mission to support renewable energy platforms in India. Prasad Hegde, the Managing Director and Regional Head of Project & Export Finance, South Asia at Standard Chartered Bank, emphasized, “This financing reinforces our support to growing renewable energy platforms in India and Standard Chartered’s commitment to mobilize USD 300 billion of sustainable finance by 2030.”
The generated electricity from the solar plant will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a Power Purchase Agreement (PPA) for a period of 25 years from the scheduled commercial operation date. This long-term commitment ensures a stable and consistent supply of clean energy to contribute to the state’s power requirements. BluPine Energy’s strategic initiatives in Gujarat include three projects under GUVNL, collectively contributing to the state’s renewable energy capacity. The cumulative capacity is expected to reach 360 MW for solar energy and 290 MW for wind energy. These projects, in conjunction with BluPine Energy’s overall renewable energy capacity, are poised to reach approximately 1.5 GW, with 360 MW currently operational.
