BluPine Energy, a renewable energy services company established in India by global infrastructure investor Actis, has announced the financial closure for its 120 MW solar project in Sadla, Gujarat.
BluPine Energy secured the debt financing for its project from HDFC Bank, India’s largest private-sector bank. The total debt sanctioned for the project is INR 418 crore ($50.1 million).
After completion, the plant is expected to generate about 3.23 lakh MWh of solar energy annually, which will offset over 2.96 lakh tons of CO2 eq. annually and provide power to around 2.7 lakhs households annually. The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Ltd (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 750 MW, respectively, across seven projects under GUVNL. The overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.
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