BluPine Energy Recieves Rs 2,416 cr Debt for its FDRE Project
BluPine Energy has obtained debt financing amounting to Rs 2,416 crore for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) Power Project located in Aland, Karnataka.
The initiative is being carried out by its fully owned subsidiary, Solarcraft Power India 16 Pvt Ltd, and is part of the SJVN 1,500 MW FDRE tender issued on June 20, 2023.
BluPine Energy Pvt Ltd, a prominent renewable energy platform backed by Actis, announced the successful sanction of Rs 2,416 crore for its 150 MW FDRE Power Project in Aland, Karnataka.
Standard Chartered served as the Mandated Lead Arranger, Lender, Sole Green Coordinator, and Account Bank for this transaction.
Sanjeev Bhatia, Chief Financial Officer, BluPine Energy says, "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."
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Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered says, "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."
This project is slated for commissioning in Calendar year 2026. Once operational, it will contribute significantly to India's renewable energy targets and support India's broader energy transition agenda.
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This shall facilitate the expansion of sustainable practices by reducing an expected 687,043 tonnes of CO₂ emissions.