BluPine Secures INR 24.16bn Loan for Karnataka Hybrid Plant Project

• BluPine Energy lands INR 24.16 bn loan to build a 150 MW solar-wind-storage hybrid in Karnataka, delivering firm green power and cutting 440 kt CO₂ each year.

Indian clean-power producer BluPine Energy has clinched a debt package worth INR 24.16 billion (about USD 279 million) to build a 150-MW firm and dispatchable renewable-energy (FDRE) project in Karnataka. The long-term financing was sanctioned by a consortium of domestic lenders and will fund construction, grid-interconnection and working-capital needs through to commercial operation.

BluPine—backed by global private-equity house Actis—plans to configure the project as a hybrid of solar, wind and battery storage. Combining the three technologies allows the company to guarantee day-and-night output profiles that mimic conventional baseload power, a feature Indian utilities increasingly prize as renewable penetration rises. Under its power-purchase agreement, BluPine will deliver energy on a schedule agreed with the off-taker, reducing volatility on the Karnataka state grid.

Management says the plant, to be sited in a high-resource belt of the state, will break ground later this year and enter service by late 2027. The hybrid array is expected to supply roughly 480 GWh of clean electricity annually—enough to meet the average demand of more than 400,000 Indian homes—and eliminate an estimated 440,000 tonnes of CO₂ emissions each year.

Karnataka has emerged as a national front-runner in clean-energy adoption thanks to favourable policies such as viability-gap funding for storage and priority grid access for hybrid assets. Analysts note that firm renewable projects like BluPine’s align with the federal government’s target of 50 percent non-fossil power capacity by 2030, while directly addressing the challenge of intermittency that has dogged India’s solar-first expansion. “Bankable hybrids are the next big leap,” said a Bengaluru-based energy economist, calling the loan approval a “vote of confidence” from financial institutions.

For Actis, the deal underscores a strategy of creating scale platforms and de-risking portfolios before eventual exit. BluPine already operates or is developing more than 1 GW across India and has signalled future rounds of capital raising as it eyes a 4 GW pipeline by 2030.

Construction contracts are expected to be tendered in the coming months, with local labour and supply-chain content capped at a mandatory 75 percent under state rules—further reinforcing Karnataka’s reputation as a clean-tech manufacturing hub.