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BluPine Energy Secures $50 Million Loan for 120 MW Solar Power Project in Gujarat

Last Updated on 29th April 2024

BluPine Energy, in collaboration with HDFC Bank, has secured a loan of USD 50.1 million for its 120 MW solar project in Sadla, Gujarat. This financial closure marks a significant step towards renewable energy expansion in the region. According to the Economic Times, the project, operating under GUVNL, is expected to generate over 3.23 lakh MWh of solar energy annually.


BluPine Energy Secures $50 Million Loan for Solar Power Project in Gujarat


This will effectively curb the emission of more than 2.96 lakh tons of CO2 per year. The electricity output from this project 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. This will further solidify the region's renewable energy infrastructure.


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Sanjeev Bhatia, CFO of BluPine Energy, emphasized the importance of this achievement. He stated, "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. This is a great opportunity to contribute to the renewable energy market and help create a more sustainable and environmentally friendly future."  


Rakesh Singh, Group Head of Investment Banking & Private Banking, at HDFC Bank, expressed their commitment to supporting renewable energy projects in India. He said, "We’re pleased to contribute positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Partnering with BluPine Energy on the 120 MW solar power project in Gujarat is another step in the direction of supporting businesses creating solutions that are climate sensitive."  


With the addition of this project, BluPine Energy's cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW across 7 projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.


About BluPine Energy

Actis, a major investor and pioneer in establishing and funding sustainable infrastructure companies, founded BluPine Energy, a top provider of renewable energy services, in India. It is committed to providing its customers with comprehensive, cost-effective, and sustainable low-carbon solutions.


With an investment of USD 800 million from Actis’ Energy Fund 5, BluPine Energy is dedicated to developing renewable energy projects across India. The company develops, builds, and operates solar, wind, and storage assets, leading to the creation of enduring value for a sustainable future

In less than a year, BluPine Energy has swiftly established an impressive pipeline of 1+ GW of renewable energy assets, strategically distributed across 7 states in India. An extremely seasoned international investor with strong roots in India and a stellar track record in renewable energy supports the company.


BluPine Energy's vision is to be a trailblazing leader in the clean energy industry by delivering exceptional value to all stakeholders with an unwavering commitment to sustainability and ethical practices. At its core, it prioritizes unwavering adherence to the highest standards of corporate governance, compliance, and environmental, social, and governance (ESG) principles.


Read: EWEC Unveils Partners to Develop the 1.5 GW Al Ajban Solar Power Project in Abu Dhabi

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