Renewable energy company BluPine Energy has 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.

The electricity generated from this project will be supplied to Gujarat Urja Vikas Nigam (GUVNL) under a power purchase agreement for 25 years from the scheduled commercial operation date.

The project is expected to produce around 298,000 MWh of energy annually and supply power to approximately 270,000 households.

BluPine Energy is a renewable energy services company 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 Energy aims to develop a 4+GW renewable energy portfolio in India.

Neerav Nanavaty, CEO of BluPine Energy, said, “With this latest partnership, BluPine Energy continues to lead the charge in India’s renewable energy sector. Achieving a total renewables capacity of 2.4 GW, including 850 MW of operational capacity across 27 sites in seven states, reflects our commitment to sustainable development and our ability to deliver clean energy solutions at scale.”

In April 2024, BluPine Energy secured a 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 GUVNL’s 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.

In June this year, BluPine won a capacity of 40 MW at a tariff of ₹2.69 (~$0.0322)/kWh in GUVNL’s auction to supply power from 500 MW grid-connected solar projects.

In March, it secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project in Gujarat, which it had won under GUVNL’s auction to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022.