Reading Time: 2 minutes
BluPine Energy, a prominent renewable energy services firm founded in India by Actis, a global infrastructure investor, has achieved financial closure for its 198 MW wind project in Gujarat, secured under the GUVNL wind 3 tender. This also includes securing green loan financing through Standard Chartered Bank and TATA Capital.
The project has secured a total debt sanction of INR 1260 crores. Upon completion, the plant is anticipated to produce approximately 65 GWH of wind energy annually, offsetting an estimated 6 lakh tons of CO2 eq. each year and catering to around 1.3 lakh households annually. The electricity generated 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.
Commenting on this development, Neerav Nanavaty, CEO, BluPine Energy, said, “This milestone reiterates BluPine Energy’s commitment to expand its clean energy portfolio which is in line with the Government of India’s ambitious clean energy target of 500 GW by 2030. 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 2.4 GW, with 730 MW currently operational. I extend my gratitude to our team, investors, partners, and stakeholders for their unwavering support and cooperation in our renewable energy growth journey.”
Sanjeev Bhatia, CFO of BluPine Energy, said, “Securing the financial closure for our 198 MW wind project in Gujarat marks a significant milestone for BluPine Energy. With a green loan of INR 1260 crores (USD 151.88 Million), this project underscores our steadfast commitment to leading the way in sustainable energy solutions and supporting India’s ambitious clean energy goals. We are poised to make a mark on the renewable energy landscape. I am grateful to our team, investors, lenders, and stakeholders for their dedication and support as we continue our journey towards a greener, more sustainable future.”
Prasad Hegde, Managing Director, Regional Head Project & Export Finance, South Asia, Standard Chartered Bank said, “As a leading international cross-border bank committed to driving sustainable development and economic growth in our markets, we are pleased to work with BluPine Energy on another green loan, Standard Chartered’s 2nd green loan to BluPine in a short span of time. The partnership reiterates our commitment to scaling India’s renewable energy sector and supports our ambition to mobilise US$300 billion of sustainable finance globally by 2030.”
“At TATA Capital, we are dedicated to promoting green initiatives and supporting projects that help to create a more sustainable future. Our partnership with BluPine Energy on their wind energy project aligns seamlessly with our objective to make meaningful investments that put the welfare of the community and the environment first. We are honoured to provide BluPine Energy with financial support and to contribute to India’s shift to sustainable energy,” commented Manish Chourasia, COO – Corporate and Cleantech, TATA Capital.
