BluPine Energy Secures Financial Closure for 120 MW Solar Project

BluPine Energy, a leading renewable energy services company established in India by global infrastructure investor Actis has announced the successful financial closure for its 120 MW Solar Project in Sadla, Gujarat under GUVNL 18.

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BluPine Energy has secured the debt financing for its project from HDFC Bank, India’s largest private sector bank.

The total debt sanctioned for this ambitious project is INR 418 crores (USD 50.1 Million).

Sanjeev Bhatia, CFO of BluPine Energy, said, "Securing the financial closure for our 120 MW Solar Project in Sadla, Gujarat is an important step for BluPine Energy which was made possible by the debt from HDFC Bank. With the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW respectively across 7 projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.”

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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.

Earlier, BluPine Energy had secured debt financing for a similar sized project meant for the same buyer (GUVNL), from Standard Chartered Bank, back in December.