New Delhi: Renewable energy services firm BluPine Energy has tied up a Rs 511 crore green loan for its 120 MW solar project in Gujarat. The green loan financing for the project has been secured through leading global banking institution Standard Chartered, a company statement said.
"With a green loan valued at Rs 511 crore (USD 62 million), this visionary project not only contributes to India's ambitious clean energy goals but also highlights our unwavering dedication to innovation and environmental responsibility," Sanjeev Bhatia, CFO of BluPine Energy, said in the statement.
"We are happy to announce the successful financial closure of our first 120 MW solar project in Gujarat," he added.
The company stated that the total investment for this project is valued at Rs 665 crore (USD 80 million).
Upon completion, the solar plant is expected to generate about 3.23 lakh MWH of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and providing power to approximately 2.7 lakh households.
"This financing reinforces our support to growing renewable energy platforms in India and Standard Chartered's commitment to mobilise USD 300 billion of sustainable finance by 2030," Prasad Hegde, Managing Director - Regional Head Project & Export Finance, South Asia at Standard Chartered Bank, said in the statement.
The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.
With the addition of this project, BluPine Energy's cumulative solar and wind energy capacity in Gujarat will scale up to 360 MW and 290 MW, respectively, across three projects under GUVNL.
Moreover, the overall renewable energy capacity will reach approximately 1.5 GW, with 360 MW currently operational.
BluPine Energy is a renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies.
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