BluPine Energy Secures $52.85 Million Financing for 120 MW Solar Project in Gujarat - SolarQuarter
BluPine Energy Secures $52.85 Million Financing for 120 MW Solar Project in Gujarat - SolarQuarter
BluPine Energy, a prominent player in the renewable energy sector in India, has successfully closed financial arrangements for its 120 MW solar power project in the villages of Panshina and Radhanpur, Gujarat. The financing, amounting to INR 436 crores (approximately USD 52.85 million), was secured from the State Bank of India (SBI), one of India’s leading banking institutions.
The solar plant is projected to produce around 2.98 lakh MWh of energy annually, which will help reduce CO2 emissions by an estimated 2.7 lakh tonnes per year. It is expected to provide electricity to approximately 2.7 lakh households.
Neerav Nanavaty, CEO of BluPine Energy, highlighted the significance of this achievement, stating, “This partnership underscores BluPine Energy’s leadership in India’s renewable energy sector. With a total renewable capacity of 2.4GW, including 850 MW operational across 27 sites in seven states, we reaffirm our commitment to sustainable development. We are grateful for our team’s dedication and our ongoing focus on innovation and sustainability, contributing to India’s renewable energy goals.”
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Sanjeev Bhatia, CFO of BluPine Energy, added, “The financing from SBI marks a significant milestone for BluPine Energy. This collaboration not only boosts our ability to provide clean energy solutions but also demonstrates how innovative financing can accelerate the transition towards a more sustainable future.”
The electricity generated by the new plant will be sold to Gujarat Urja Vikas Nigam Limited (GUVNL) under a 25-year Power Purchase Agreement (PPA) from the scheduled commercial operation date.
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Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.