12-05-2025
BluPine Energy achieves financial closure of Rs 376 crore for 100 MW solar project in Guj
Mumbai:
BluPine Energy
, an Actis backed renewable energy platform, on Monday said it has achieved
financial closure
of debt funding worth ₹376 crore for its 100 MW solar power project being developed in Tharad, Banaskantha district, Gujarat.
According to the official press release, the project, undertaken under its wholly-owned subsidiary Solarcraft Power India 5, is being developed under the GUVNL 22 tender.
It added that
Standard Chartered
acted as a Sole Mandated Lead Arranger, Lender,
Green Loan
Coordinator and Account Bank. The financing documents have been executed for the ₹376 crore project finance green loan secured from Standard Chartered, marking the financial closure of the project.
'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 is a significant transaction…' said Sanjeev Bhatia, chief financial officer, BluPine Energy.
This project is slated for commissioning in the first half of 2026, as per the Power Purchase Agreement terms.
'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… The Group globally also has plans to mobilise $300 billion in sustainable finance by 2030 which will assist in this journey,' said Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered.
Once operational, the project will contribute significantly to Gujarat's renewable energy targets and support India's broader energy transition agenda, added the release.
