Tata Capital Invests Rs 239 Cr In BluPine Energy – EQ
In Short : Tata Capital has invested Rs 239 crore in BluPine Energy. This investment will support BluPine Energy’s renewable energy projects and expansion plans, contributing to the growth of sustainable energy infrastructure in India.
In Detail : Sanjeev Bhatia, CFO of BluPine Energy, commented, “We are witnessing a significant shift where private entities and corporates are increasingly prioritising green initiatives, sustainable practices, and adherence to ESG policies”
BluPine Energy, a renewable energy services company established in India by global sustainable infrastructure investor Actis, has secured funding for its 75MWp solar project in the state of Chhattisgarh.
The project is in partnership with APL Apollo Building Products (a wholly owned subsidiary of APL Apollo Tubes), India’s largest structural steel tubes and pipes manufacturing company, 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 tons of CO2 emissions yearly, significantly contributing to environmental conservation. Financial closure was achieved through a partnership with a banking consortium led by Tata Capital, securing a total debt sanction of INR 2,390 million (USD 28.6 million) for this project.
Sanjeev Bhatia, CFO of BluPine Energy, commented, “We are witnessing a significant shift where private entities and corporates are increasingly prioritising 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. By aligning our financial strategies with our environmental goals, we aim to contribute to a greener future and demonstrate that sustainable practices are environmentally necessary and financially sound.”
Manish Chourasia, Managing Director, Tata Cleantech Capital added, “ Our longstanding collaboration with BluPine Energy, spanning from a successful wind energy project to our current solar initiative, represents a steadfast commitment to creating a sustainable future for the next generation. By harnessing renewable energy sources, we are not only reducing carbon footprints but also driving innovation in the energy sector. Tata Capital values this partnership as we jointly pave the way towards a greener, more sustainable future.”
