BluPine Energy Achieves Sanction of INR 2416 Crore Financing for 150 MW Firm and Dispatchable Renewable Energy Power Project in Aland, Karnataka

BluPine Energy Private Limited (henceforth BluPine Energy), an Actis backed leading renewable energy platform, today announced the successful debt sanction of INR 2416 crore for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) Power Project in Aland, Karnataka.

The project, undertaken by its wholly owned subsidiary Solarcraft Power India 16 Pvt. Ltd., is being developed under the SJVN 1500 MW FDRE tender dated 20 June 2023.

Standard Chartered acted as Mandated Lead Arranger, Lender, Sole Green Coordinator and Account Bank for the instant transaction.

Sanjeev Bhatia, Chief Financial Officer, BluPine Energy, said, "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. This financial assistance facilitates us in building the need-of-hour FDRE projects- mix of solar, wind, and battery energy storage assets, which helps in overcoming intermittency of renewable energy sources and providing critical support to DISCOMs during peak demand hours. It is a testament to our integrated approach for enhancing integration of renewable energy and meeting rising demand of power especially during peak hours. 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, said, “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 the impacts of climate change, build resilience and provide an opportunity for them to thrive long-term. Globally, the Group is seeking to mobilise $300 billion in sustainable finance by 2030 which will assist in this journey. India is a key sustainable finance market for us, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices.”

This project is slated for commissioning in the Calendar year 2026, once operational, it will contribute significantly to India’s renewable energy targets and support India’s broader energy transition agenda. This shall facilitate the expansion of sustainable practices by reducing an expected 687,043 tonnes of CO2

BluPine Energy remains focused on expanding its renewable energy footprint with a diversified portfolio of high-quality solar, wind and FDRE energy projects across India.