BluPine Energy, a renewable energy platform established in India by UK investor Actis, has announced the financial closure for its 120 MW solar project in Gujarat with green loan financing raised through Standard Chartered.
The company had won this project in an auction by Gujarat Urja Vikas Nigam Ltd (GUVNL).
The total investment for the solar project is valued at INR 665 crore ($80 million).
Upon completion, the solar plant is expected to generate about 3.23 lakh MWh of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and providing power to approximately 2.7 lakh households.
Sanjeev Bhatia, CFO of BluPine Energy, said the green loan is valued at INR 511 crore ($62 million).
The electricity generated from this plant will be supplied to GUVNL under a power purchase agreement (PPA) for 25 years from the scheduled commercial operation date.
With the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 360 MW and 290 MW, respectively, across three projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 1.5 GW, with 360 MW currently operational.
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