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BluPine Energy Private Limited, a leading renewable energy company backed by Actis, has successfully closed debt financing of ?376 crore for its 100 MW solar power project in Tharad, Banaskantha district, Gujarat. The project is being developed through its subsidiary, Solarcraft Power India 5 Pvt. Ltd., under the GUVNL 22 tender. Standard Chartered acted as the Sole Mandated Lead Arranger, Lender, Green Loan Coordinator, and Account Bank for the project. The financing agreement for the ?376 crore green loan has been finalized, marking the financial closure of the project. Sanjeev Bhatia, Chief Financial Officer, BluPine Energy, said in a statement, “This closure underpins BluPine’s commitment to financial stewardship, robust corporate governance, and strong execution capabilities. It reinforces our strategy of scaling up clean energy infrastructure while ensuring commercial viability and sustainable returns. As we continue to develop world-class energy solutions to meet India’s growing electricity demands, partnering with premier financial institutions that share our commitment to a cleaner, stronger grid is essential. This is a significant transaction, and we thank our lending partners for their continued confidence in BluPine and our ability to build top-of-the-line energy centers.” Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, mentioned, “We are delighted to be the first port of call and primary relationship Bank to BluPine in India and ensure timely financial closure of their projects. Standard Chartered is committed to help businesses adapt to climate change, build resilience and provide an opportunity for them to thrive long-term. The Group globally also has plans to mobilise $300 billion in sustainable finance by 2030 which will assist in this journey. India is one of the key markets in the Group for sustainable finance and our work will continue to support the country’s ambition to reduce overall carbon emissions.” The solar power plant is expected to be commissioned by the first half of 2026, in line with the Power Purchase Agreement (PPA) terms. Once operational, it will significantly contribute to Gujarat’s renewable energy goals and help support India’s energy transition efforts. BluPine Energy continues to expand its presence in renewable energy with a strong portfolio of solar and wind projects across India. |
