BluPine Energy has secured ₹24.16 billion (~$280.75 million) in debt financing for its 150 MW firm and dispatchable renewable energy (FDRE) power project in Aland, Karnataka.

Solarcraft Power India, a wholly owned subsidiary of BluPine , won 150 MW capacity in SJVN’s 1,500 MW FDRE auction at a tariff of ₹4.39 (~$0.0527)/kWh. The project is scheduled for commissioning in 2026.

The project will facilitate the development of a mix of solar, wind, and battery energy storage assets to address the intermittency of renewable energy, thereby helping distribution companies meet peak power demand.

Standard Chartered Bank served as the mandated lead arranger, lender, sole green coordinator, and account bank for the transaction.

The bank said it aims to mobilize $300 billion in sustainable finance by 2030 to help businesses adapt to climate change impacts and build resilience.

BluPine Energy is currently developing a 4 GW clean energy portfolio in India with an investment of $800 million.

Recently,  BluPine Energy 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. It was undertaken under its wholly owned subsidiary Solarcraft Power India 5 and is being developed under the Gujarat Urja Vikas Nigam’s Phase XXII auction.

In March this year,  BluPine Energy secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development. 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 offtakers.

Last August, BluPine emerged as one of 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, with a quoted tariff of ₹2.49 (~$0.0297)/kWh for 50 MW.