Actis Backed Blupine Energy Raises ₹1,787 Crore from NaBFID

BluPine Energy, a leading renewable energy services company established in India by global infrastructure investor Actis, has successfully closed a structured financing deal of ₹1,787 crore with the National Bank for Financing Infrastructure and Development (NaBFID). This deal is designed to optimize financial structuring, enhance operational efficiency, and fuel portfolio expansion.

The transaction was structured around a Restricted Group of 14 Special Purpose Vehicles (SPVs) spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.

The collaboration with NaBFID will help BluPine in lowering debt servicing costs, improving cash flow, and enable financial flexibility. The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness. The financing will drive long-term portfolio expansion, improving internal rate of return (IRR) and supporting BluPine Energy’s sustainability goals.

BluPine Energy has emerged quickly as a leading renewable energy services company in India since it was set up in 2021. With an investment of USD 800 million from Actis’ Energy Fund 5, BluPine Energy has a targeted  4+GW renewable energy portfolio, exclusively in India.

The National Bank for Financing Infrastructure and Development

The NaBFID is a Development Financial Institution (DFI) established in April 2021. NaBFID is dedicated to accelerating the development of India’s infrastructure ecosystem by addressing the long-term financing needs of the sector. Additionally, NaBFID is also supposed to work  towards developing a deep and liquid market for bonds, loans, and derivatives for infrastructure financing.

The latest deal follows a flurry of financial deals announced in the green energy sector that indicate a spreading investor profile for investments in the sector. While challenges are certainly apparent for firms still, be it on the policy front or even offtake side, the broader picture remains optimistic as far as India reaching its goal of 500 GW of renewable capacity by 2030 goes.