BluPine Energy Gets Rs 12.6 Billion Loan For Gujarat Wind Project

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Gurugram-based BluPine Energy has received funding worth Rs 12.6 billion for its 198 MW wind project situated in Gujarat. According to a company statement, the firm won the bid for the project from Gujarat Urja Vikas Nigam’s (GUVNL) auction to purchase power from 500 MW of grid-connected wind power projects.

Further, BluPine Energy also stated that Standard Chartered Bank and TATA Capital will be underwriting the loan for the company in financing the project. BluPine had initially won 100 MW capacity along with six other companies. It later acquired an additional 98 MW capacity under the greenshoe option of the tender, read several media reports.

After getting functional, the project will produce approximately 65 GW of wind energy per year. This will help tackle 6,00,000 tonnes of CO2 equivalent and supply electricity to roughly 130,000 households each year in Gujarat, claimed the company.

The project will eventually be connected to the state transmission utility or the central transmission utility through a dedicated transmission line to deliver energy. The annual capacity utilization factor (CUF) of the project at the time of signing of the power purchase agreement (PPA) and the same will be allowed to be revised once within the first three years. BluPine Energy, a renewable energy services company established in India by UK investor Actis, has announced the acquisition of 369 MW of solar power assets from the Acme Group.

The acquired solar projects are spread across 14 special-purpose vehicles in the states of Uttarakhand, Punjab, and Karnataka, and increase BluPine Energy’s total renewable capacity to 2.4 GW. With an investment of USD 800 million from Actis’ Energy Fund 5, BluPine Energy is dedicated to developing a state-of-the-art 4+GW renewable energy portfolio, exclusively in India.