Gurugram-based renewable energy company BluPine Energy said it has secured a 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 project is expected to generate close to 117 million units of energy per year and offset more than 107,000 tons of carbon emissions.

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.

BluPine Energy CFO Sanjeev Bhatia said, “We are witnessing a significant shift where private entities and corporates are increasingly prioritizing green initiatives, sustainable practices, and adherence to ESG policies. Securing debt financing from Tata Capital for our 75 MWp Solar Project in Chhattisgarh is a major achievement for BluPine Energy and a step towards net zero emissions.”

BluPine had recently secured ₹4.36 billion ($52.85 million) in financing from the State Bank of India for its 120 MW solar project in Panshina and Radhanpur in Gujarat.

It had also secured a debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, also in Gujarat.

BluPine Energy was established in India by Actis, a global investor that funds and builds sustainable infrastructure companies. With an investment of $800 million from Actis’ Energy Fund 5, BluPine aims to develop a 4+GW renewable energy portfolio in India.

In June, BluPine was among the five winners in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW grid-connected solar projects with a 500 MW greenshoe option (Phase XXIV). BluPine won 40 MW at a tariff of ₹2.69 (~$0.0322)/kWh.

BluPine was also among the winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar projects with a committed supply for at least six hours from an energy storage system during peak demand periods.