BluPine Energy secures Rs 511 cr Green Loan for 120 MW Solar Project in Gujarat

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BluPine Energy secures Rs 511 cr Green Loan for 120 MW Solar Project in Gujarat

BluPine Energy secures Rs 511 cr Green Loan for 120 MW Solar Project in Gujarat

Industry News
Dec 15,23

The financing was obtained through Standard Chartered, a leading global banking institution, according to a company statement.

BluPine Energy secures Rs 511 cr Green Loan for 120 MW Solar Project in Gujarat

BluPine Energy, a renewable energy services firm, has secured a Rs 511 crore green loan for its 120 MW solar project in Gujarat. The financing was obtained through Standard Chartered, a leading global banking institution, according to a company statement.

Sanjeev Bhatia, CFO of BluPine Energy, emphasised the project's significance, stating, "With a green loan valued at Rs 511 crore ($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."

BluPine Energy expressed satisfaction with the successful financial closure of its inaugural 120 MW solar venture in Gujarat, which represents a total investment of Rs 665 crore ($80 million). Once completed, the solar plant is projected to generate approximately 3.23 lakh MWH of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and supplying power to around 2.7 lakh households.

Prasad Hegde, Managing Director - Regional Head Project & Export Finance, South Asia at Standard Chartered Bank, underlined the institution's commitment, stating, "This financing reinforces our support to growing renewable energy platforms in India and Standard Chartered's commitment to mobilise USD 300 billion of sustainable finance by 2030."

The electricity generated by the plant will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.

BluPine Energy's cumulative solar and wind energy capacity in Gujarat will increase to 360 MW and 290 MW, respectively, across three projects under GUVNL with the addition of this project. The overall renewable energy capacity is anticipated to reach approximately 1.5 GW, with 360 MW currently operational. BluPine Energy was established in India by Actis, a global investor and leader in funding and building sustainable infrastructure companies.

Source: Business Standard