Gurugram-based renewable energy services company BluPine Energy has secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID).

The transaction is 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.

BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company also seeks to utilize the funding to reduce debt servicing costs, enhance cash flow, and achieve greater financial flexibility.

The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness. This initiative targets helping the company optimize its renewable energy output while ensuring long-term sustainability.

The financing is also expected to help improve BluPine Energy’s internal rate of return and support its sustainability objectives.

The company aims to leverage the structured financing to enhance its operations’ financial health while scaling its renewable energy footprint across India.

Neerav Nanavaty, CEO, BluPine Energy, stated that the partnership with NaBFID will strengthen the company’s financial foundation, enabling it to scale its operations while contributing to India’s renewable energy targets. BluPine Energy was established in India with an investment of $800 million from Actis’ Energy Fund 5 and is developing a renewable energy portfolio of over 4 GW exclusively in India.

In August 2024, BluPine was among the winners in Solar Energy Corporation of India’s auction to set up 1.2 GW of interstate transmission system-connected solar power projects across India under Tranche XVI on a build, own, and operate basis.

In July 2024, BluPine Energy 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.