Gurgaon-based BluPine Energy has secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under Gujarat Urja Vikas Nigam’s (GUVNL) auction to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022.

Standard Chartered Bank and TATA Capital will act as underwriters for the green loan financing, the company said.

BluPine had initially won 100 MW capacity at ₹3.05 (~$0.037)/kWh, along with six other companies. It later acquired an additional 98 MW capacity under the greenshoe option of the tender, which was floated in May of 2022.

The project has to be designed to connect with the state transmission utility or the central transmission utility through a dedicated transmission line to deliver energy at the Gujarat Energy Transmission Corporation (GETCO) periphery.

BluPine will also have to declare the annual capacity utilization factor (CUF) of the project at the time of signing of the power purchase agreement (PPA), and the same will be allowed to be revised once within the first three years. The declared annual CUF should not be less than 22%. The company must maintain generation to achieve annual CUF within +20% and -20% of the declared CUF during the PPA duration of 25 years.

If, for any year, it is found that BluPine has not been able to generate minimum energy as per the permissible lower limit of annual CUF, it will be liable to pay the compensation at 50% of the tariff to GUVNL.

Once operational, the project aims to produce approximately 65 GW of wind energy per year. This output is anticipated to offset an estimated 600,000 tons of CO2 equivalent and supply electricity to roughly 130,000 households each year.

The electricity generated from this plant will be supplied to GUVNL under a power purchase agreement for 25 years from the scheduled commercial operation date.

Recently, BluPine expanded its renewable energy portfolio by acquiring 369 MW of solar power assets from the ACME Group.