BluPine Energy Secures Rs 2,416 Cr for FDRE Project

New Delhi, Jun 23 (PTI) BluPine Energy on Monday said it has secured Rs 2,416 crore debt financing for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) Power Project in Aland, Karnataka.

The project, undertaken by its wholly-owned subsidiary Solarcraft Power India 16 Pvt Ltd, is being developed under the SJVN 1,500 MW FDRE tender dated June 20, 2023, a company statement said.

BluPine Energy Pvt Ltd (henceforth BluPine Energy), an Actis-backed leading renewable energy platform, today (Monday) announced the successful debt sanction of Rs 2,416 crore for its 150 MW FDRE Power Project in Aland, Karnataka, according to the statement.

Standard Chartered acted as Mandated Lead Arranger, Lender, Sole Green Coordinator and Account Bank for the instant transaction.

Sanjeev Bhatia, Chief Financial Officer, BluPine Energy, said, "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."

Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, said, “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.

This shall facilitate the expansion of sustainable practices by reducing an expected 687,043 tonnes of CO2 emmisions.