BluPine Energy Secures Rs 24.16 bn Funding for 150 MW FDRE project in Karnataka

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BluPine Energy Secures Rs 24.16 bn Funding for 150 MW FDRE project in Karnataka

BluPine Energy Secures Rs 24.16 bn Funding for 150 MW FDRE project in Karnataka

Industry News
Jun 27,25

BluPine Energy has secured the fund for a 150 MW Firm and Dispatchable Renewable Energy (FDRE) project in Aland, Karnataka, reinforcing its leadership in clean energy.

BluPine Energy Secures Rs 24.16 bn Funding for 150 MW FDRE project in Karnataka

New Delhi

BluPine Energy Private Limited, a leading Indian renewable energy platform backed by Actis, has announced the successful sanction of Rs 24.16 billion in debt funding for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) power project in Aland, Karnataka.

This project is being executed through its wholly owned subsidiary, Solarcraft Power India 16 Pvt. Ltd., under the SJVN 1500 MW FDRE tender dated 20 June 2023.

Standard Chartered has acted as the Mandated Lead Arranger, Lender, Sole Green Coordinator, and Account Bank for this major transaction.

Sanjeev Bhatia, Chief Financial Officer of BluPine Energy, commented, “This debt sanction is a reflection of BluPine’s prudent financial practices, high governance standards, and strong execution record. It underlines our strategy to build large-scale, commercially viable renewable energy projects. The financing enables us to accelerate the development of FDRE assets—a combination of solar, wind, and battery energy storage—which mitigate renewable energy intermittency and provide critical power during peak hours. It showcases our integrated approach to increasing renewable grid reliability and meeting India’s growing energy demand. As we advance world-class clean energy solutions, aligning with top-tier financial institutions is vital to building a resilient and green energy ecosystem. We thank our lending partners for their trust in our vision and execution.”

Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, stated, “We are proud to support BluPine as their primary relationship bank and facilitate the timely financial close of their clean energy projects. Standard Chartered is dedicated to helping businesses adapt to climate challenges and thrive sustainably. Globally, our Group aims to mobilise $300 billion in sustainable finance by 2030. India remains a key market in our sustainability strategy, and we remain committed to supporting the nation’s decarbonisation journey.”

The Aland project is scheduled for commissioning in 2026. Once operational, it is expected to significantly contribute to India’s renewable energy goals, supporting the national energy transition and reducing approximately 687,043 tonnes of CO? annually.

BluPine Energy continues to strengthen its presence in the renewable sector, with a diversified portfolio of solar, wind, and FDRE projects across India.

Founded by Actis, a global leader in sustainable infrastructure, BluPine Energy has committed $800 million from Actis’ Energy Fund 5 towards building a 4+ GW clean energy portfolio in India. The company holds ISO certifications across quality (ISO 9001), safety (ISO 45001), and environmental (ISO 14001) standards.