Renewable energy firm BluPine Energy has reached a significant milestone with the financial closure of ₹5.11 billion ($79.8 million) total investment for the venture. Upon completion, the solar facility is anticipated to generate approximately 323,000 MWh of clean energy annually, offsetting an estimated 296,000 tons of CO2 and supplying power to around 270,000 households.

The electricity generated by the project will be provided to Gujarat Urja Vikas Nigam (GUVNL) under a 25-year power purchase agreement, starting from the scheduled commercial operation date. BluPine Energy secured the capacity through GUVNL’s auction for 750 MW of grid-connected solar projects, with a greenshoe option for an additional 750 MW (Phase XVI), quoting the lowest tariff of ₹2.49 (~$0.031)/kWh for the 120 MW capacity.

Sanjeev Bhatia, CFO of BluPine Energy, expressed satisfaction with the financial closure, emphasizing the project’s alignment with India’s clean energy objectives and BluPine’s commitment to innovation and environmental responsibility.

With the addition of this 120 MW solar project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will rise to 360 MW and 290 MW, respectively, across three projects under GUVNL. The company aims to develop a 4-plus GW renewable energy portfolio in India exclusively.

BluPine Energy, backed by global investor Actis, won 100 MW in Rajasthan Urja Vikas Nigam’s auction for 1,200 MW of solar power projects, quoting a tariff of ₹6.68 (~$0.081)/kWh.

As of now, BluPine Energy’s operational renewable energy capacity stands at 360 MW, contributing to the overall renewable energy capacity of approximately 1.5 GW, based on Mercom Capital Group’s 9M and Q3 2023 Solar Funding and M&A Report. The report indicates a 20% increase in announced large-scale project funding, reaching $27.5 billion in 169 project funding deals in the first nine months of 2023.

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