BluPine Energy secures $28.6 million funding from Tata Capital for solar project in Chhattisgarh – EQ
In Short : BluPine Energy has secured $28.6 million in funding from Tata Capital for a solar project in Chhattisgarh. This investment will support the development of the solar facility, contributing to the region’s renewable energy capacity and promoting sustainable energy initiatives.
In Detail : The partnership aims to secure a total debt sanction of ₹239 crore for the project
BluPine Energy on Monday announced the successful financial closure of its solar power project in Chhattisgarh through a partnership with a banking consortium led by Tata Capital, securing a total debt sanction of Rs 239 crore ($28.6 million).
The 75MWp (megawatt peak) solar project in Chhattisgarh is in partnership with APL Apollo Building Products (a wholly owned subsidiary of APL Apollo Tubes), which will also be the lead consumer of the power generated from the project.
Upon completion, the solar plant is expected to generate approximately 117 million units (MUs) of energy annually. The project is estimated to offset over 107 thousand tonnes of CO2 emissions yearly, significantly contributing to environmental conservation, BluePine Energy said.
BluPine Energy CFO Sanjeev Bhatia said, “We are witnessing a significant shift where private entities and corporates are increasingly prioritizing green initiatives, sustainable practices, and adherence to ESG policies. Securing debt financing from Tata Capital for our 75 MWp Solar Project in Chhattisgarh is a major achievement for BluPine Energy and a step towards net zero emissions.”
BluPine Energy Head – C&I Rahul Mishra said “ We are grateful for the support from our lenders and other stakeholders. With over 550 MW current capacity and an ambitious goal of 1000 MW, this project is our commitment to driving sustainable growth and delivering clean energy solutions.”
With an investment of $800 million from Actis’ Energy Fund 5, BluPine Energy is dedicated to developing a state-of-the-art, more than 4GW renewable energy portfolio, exclusively in India.
