BluPine Energy, on Monday secured successful financial closure for its 120 MW Solar Project in Panshina and Radhanpur village of Gujarat under Gujarat Urja Vikas Nigam Limited (GUVNL). This has been achieved through securing debt financing from the State Bank of India.
The total sanctioned debt for this ambitious project amounts to Rs 436 crore (USD 52.85 Million). Once operational, the plant is expected to generate approximately 2.98 lakh MWh of energy annually, offsetting an estimated 2.7 lakh tonne of CO2 emissions each year and supplying power to around 2.7 lakh households.
Neerav Nanavaty, CEO, of BluPine Energy, said, “With this latest partnership, BluPine Energy continues to lead the charge in India's renewable energy sector. Achieving a total renewables capacity of 2.4GW, including 850 MW of operational capacity across 27 sites in seven states, reflects our commitment to sustainable development and our ability to deliver clean energy solutions at scale. We thank our teams for their dedication and hard work, as well as our continuous focus on innovation and sustainability. We are proud to contribute to the nation’s renewable energy goals and remain committed to expanding our footprint and impact in the years to come.”
Sanjeev Bhatia, CFO, of BluPine Energy, commented, “Securing financing from State Bank of India for our 120 MW solar project is a major advancement for BluPine Energy. This collaboration enhances our capacity to provide clean energy solutions that support India’s expanding renewable energy initiatives. This project exemplifies how innovative financing can accelerate the transition to a more sustainable future.”
The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.
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