BluPine Energy Secures Financial Closure For 120 MW Solar Project In Gujarat
BluPine Energy, a prominent renewable energy services company established in India by global infrastructure investor Actis, has stated about the successful financial closure for its 120 MW solar project located in Gujarat. The project, secured under the GUVNL 16 tender, achieved this milestone through green loan financing provided by Standard Chartered.
The total investment for this project stands at INR 665 crores (USD 80 Million). The solar plant, upon completion, is anticipated to generate approximately 3.23 lakh MWH of solar energy annually, offsetting an estimated 2.96 Lakh tons of CO2 and providing power to around 2.7 lakh households.
Sanjeev Bhatia, CFO of BluPine Energy, expressed his satisfaction, stating, "We are happy to announce the successful financial closure of our first 120 MW solar project in Gujarat. This accomplishment underscores our strategic vision and commitment to pioneering sustainable energy solutions. With a green loan valued at INR 511 crores (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."
Neerav Nanavaty, CEO of BluPine Energy, highlighted the significance of the milestone, saying, "This milestone reiterates BluPine Energy's commitment to expand its clean energy portfolio in line with the Government of India’s ambitious clean energy target of 500 GW by 2030. I extend my gratitude to our team, investors, partners, and stakeholders for their unwavering support and cooperation in our renewable energy growth journey."
Prasad Hegde, Managing Director, Regional Head Project & Export Finance, South Asia, Standard Chartered Bank, expressed delight in supporting BluPine Energy, stating, "We are delighted to support BluPine Energy on their first Green Loan and ensure timely financial close of their first greenfield renewable energy project of the platform. 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 from this solar 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.
With the addition of this project, BluPine Energy's cumulative solar and wind energy capacity in Gujarat will scale up to 360 MW and 290 MW, respectively, across three projects under GUVNL. The overall renewable energy capacity will reach approximately 1.5 GW, with 360 MW currently operational.
