BluPine secures all funds for 120-MW solar project in Gujarat – EQ
In Short : BluPine has secured all necessary funds for its 120-MW solar project in Gujarat. This financing milestone will facilitate the development and implementation of the project, contributing to the state’s renewable energy capacity and sustainability goals.
In Detail : BluPine Energy, an Indian portfolio company of private equity firm Actis, has achieved financial closing for a 120-MW solar project in the western Indian state of Gujarat, it said on Monday.
The milestone was reached thanks to a debt financing deal with the State Bank of India, under which the lender committed to extending INR 4.36 billion (USD 52.1bn/EUR 47.9m) in funding.
The photovoltaic (PV) project is located in the Panshina and Radhanpur villages of Gujarat and was secured by BluPine in a domestic tender helf by utility Gujarat Urja Vikas Nigam Ltd (GUVNL). Once commissioned, the solar farm will be capable of producing roughly 298,000 MWh of electricity annually, or enough to cover the power demand of about 270,000 homes.
GUVNL will procure the PV park’s entire output for 25 years under a power purchase agreement (PPA) that will become effective once the capacity goes online.
Together with the newly-funded project, BluPine has 2.4 GW of total renewables capacity in its portfolio, including 850 MW of operational capacity across seven Indian states.
(INR 10 = USD 0.120/EUR 0.110)
