BluPine Energy Secures Debt Financing for 120 MW Solar Project in Gujarat from HDFC Bank
After completion, the plant is expected to generate about 3.23 lakh MWh of solar energy annually, which will offset an estimated over 2.96 lakh tons of CO2 eq. annually and provide power to approximately 2.7 lakhs households annually.
April 29, 2024. By News Bureau
The total debt sanctioned for this ambitious project is INR 418 crores (USD 50.1 Million). After completion, the plant is expected to generate about 3.23 lakh MWh of solar energy annually, which will offset an estimated over 2.96 lakh tons of CO2 eq. annually and provide power to approximately 2.7 lakhs 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. This is a great opportunity to contribute to the renewable energy market and help create a more sustainable and environmentally friendly future. With the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW respectively across 7 projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.”
Rakesh Singh, Group Head – Investment Banking & Private Banking, 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. We look forward to partnering with BluPine Energy on more such renewable energy projects in our resolve to fund more green energy products as part of our contribution towards reducing carbon footprint in India."
The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.
please contact: contact@energetica-india.net.
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