Renewable energy company BluPine Energy has secured the debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat.

The company won the project in Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.

The electricity generated from this project will be supplied to GUVNL under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.

The project is expected to produce around 323,000 MWh of solar energy annually, offset an estimated 296,000 tons of CO2 annually, and supply power to approximately 270,000 households annually.

Sanjeev Bhatia, CFO of BluPine Energy, said, “Securing the financial closure for our 120 MW Solar Project in Sadla, Gujarat, is an important step for BluPine Energy, which was made possible by the debt from HDFC Bank.”

Bhatia called the project a great opportunity to contribute to the renewable energy market, which he expects will help create a more sustainable and environmentally friendly future.

The company said with the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW and 750 MW, respectively, across seven projects under GUVNL.

The overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.

Rakesh Singh, Group Head of Investment Banking and Private Banking at HDFC Bank, said, “We’re pleased to contribute positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Partnering with BluPine Energy on the 120MW solar power project in Gujarat is another step in the direction of supporting businesses creating solutions that are climate-sensitive.”

Singh said they look forward to partnering with BluPine Energy on more renewable energy projects in resolve to fund more green energy products as part of their contribution towards reducing carbon footprint in India.

Earlier in December, BluPine Energy announced the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project in Gujarat. The green loan financing for the project was secured from Standard Chartered.

Blupine was also among the winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar power projects anywhere in India with a committed supply for at least six hours from an energy storage system during peak demand periods. BluPine Energy won 100 MW by quoting a tariff of ₹6.68 (~$0.081)/kWh.