Gurugram-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has achieved financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat.

The project is expected to be completed by the first half of 2026.

The project was undertaken under its wholly owned subsidiary Solarcraft Power India 5 and is being developed under the Gujarat Urja Vikas Nigam’s (GUVNL) Phase XXII auction.

Standard Chartered was the sole mandated lead arranger, lender, green loan coordinator, and account bank for this transaction.

With an $800 million (~₹68.33 billion) commitment from Actis’ Energy Fund 5, BluPine Energy is developing a green energy portfolio of more than 4 GW in India.

In March 2024, the company secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under GUVNL’s auction to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022.

Last month, BluPine Energy secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development. The transaction was structured around creating a restricted group of 14 special-purpose vehicles spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.

In July 2024, the company secured funding of ₹2.39 billion (~$ 28.54 million) from Tata Capital. The funding will be utilized for a 75 MW solar power project in Chhattisgarh. The solar project in Chhattisgarh is being developed in partnership with APL Apollo Building Products, which will be the lead offtaker of the power generated.

According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year decline from $34.4 billion.