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BluPine Energy secures US$290 million for 150MW Karnataka solar plant

PV Tech · last updated

Sanjeev Bhatia, chief financial officer at BluPine Energy, highlighted that this financial assistance facilitates them in building other FDRE projects, which will include solar, wind and battery energy storage assets. The projects will provide critical support to distribution companies (DISCOMs) during peak demand hours.

Standard Chartered led the financing, acting as primary lender, green coordinator and account bank for the project. 

Prasad Hegde, regional head of infrastructure and the development finance group, India and South Asia at Standard Chartered, added that the bank is seeking to mobilise US$300 billion in sustainable finance by 2030 to build India as a key sustainable finance market and support the country’s renewable energy ambition. 

Backed by London-based investment firm Actis through its US$800 million Energy Fund, BluPine Energy is developing a renewable energy portfolio exceeding 4GW across India. The company currently operates a diverse portfolio that includes a 150MW solar-plus-storage project in Rajasthan’s Bikaner district, a 40MW solar installation in Madhya Pradesh and a 100MW solar project in Gujarat.

It also runs a 99MW wind plant in Maharashtra and a 99MW renewable energy project in Tamil Nadu.

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