Guj Solar Project: BluPine Energy Secures ₹376cr Financial Closure

Guj Solar Project: BluPine Energy Secures ₹376cr Financial Closure

BluPine Energy Private Limited, a renewable energy platform backed by Actis, today announced the successful financial closure of ₹376 crore in debt funding for its 100 MW solar power project in Tharad, Banaskantha district, Gujarat.

The project, being developed under BluPine’s wholly owned subsidiary Solarcraft Power India 5 Pvt. Ltd., is part of the GUVNL tender. Standard Chartered acted as the Sole Mandated Lead Arranger, Lender, Green Loan Coordinator, and Account Bank. The financial closure is marked by the execution of financing documents for the ₹376 crore green loan secured from Standard Chartered.

Sanjeev Bhatia, Chief Financial Officer of BluPine Energy, said, “This financial closure underscores BluPine’s commitment to strong financial management, corporate governance, and operational excellence. It highlights our strategy to scale clean energy infrastructure while ensuring commercial viability and sustainable returns. As we continue developing world-class energy solutions to meet India’s growing power demand, collaborating with leading financial institutions that share our commitment to a cleaner, stronger grid is essential. We are grateful to our lending partners for their continued trust in BluPine’s ability to execute top-tier energy projects.”

Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, commented, “We are pleased to be BluPine’s primary banking partner in India, ensuring the timely financial closure of their projects. Standard Chartered is committed to helping businesses adapt to climate change, build resilience, and thrive long-term. As part of our global initiative, we aim to mobilise $300 billion in sustainable finance by 2030. India is a key market in this effort, and we remain dedicated to supporting the country’s transition to a low-carbon economy.”

The project is set to be commissioned in the first half of 2026, as per the terms of the Power Purchase Agreement (PPA). Once operational, it will make a significant contribution to Gujarat’s renewable energy targets and support India’s broader energy transition objectives.

BluPine Energy continues to expand its renewable energy footprint with a growing portfolio of high-quality solar and wind energy projects across India. BluPine Energy is a renewable energy platform in India, established by Actis, a global investor and leader in sustainable infrastructure. With a commitment of $800 million from Actis’ Energy Fund 5, BluPine Energy is developing a diverse 4+ GW clean energy portfolio in India.