BluPine achieves financial close for 120-MW Gujarat solar project
- BluPine Energy shines bright with 120-MW solar project in Gujarat, India, funded by State Bank of India. Powering homes and expanding renewables portfolio.
BluPine Energy, a portfolio company of Actis, has secured all funds for a 120-MW solar project in Gujarat, India. The financial closing was made possible through a debt financing deal with the State Bank of India, which committed to providing INR 4.36 billion in funding. The project, located in Panshina and Radhanpur villages, was secured through a domestic tender held by GUVNL.
Once commissioned, the solar farm is expected to produce 298,000 MWh of electricity annually, enough to power approximately 270,000 homes. GUVNL has agreed to purchase the entire output of the project for 25 years under a power purchase agreement. BluPine now has a total of 2.4 GW of renewables capacity in its portfolio, including 850 MW of operational capacity across seven Indian states.
How will BluPine Energy's new 120-MW solar project impact Gujarat's energy landscape?
- The 120-MW solar project by BluPine Energy will significantly increase Gujarat's renewable energy capacity, contributing to the state's goal of increasing the share of renewable energy in its energy mix.
- The project will help reduce carbon emissions in Gujarat, as the solar farm is expected to produce 298,000 MWh of electricity annually, displacing the need for fossil fuel-based power generation.
- The power purchase agreement with GUVNL ensures a stable revenue stream for BluPine Energy over the next 25 years, providing financial security for the company and its investors.
- The project will create job opportunities in the local communities of Panshina and Radhanpur villages, contributing to economic development in the region.
- With a total of 2.4 GW of renewables capacity in its portfolio, BluPine Energy is playing a significant role in India's transition towards a cleaner and more sustainable energy future.
