BluPine Energy Signs PPA with APL Apollo Group For 61.65 MW Solar Plant

BluPine Energy Signs PPA with APL Apollo Group For 61.65 MW Solar Plant

BluPine Energy, established in India by global infrastructure investor Actis, has announced the signing of a Power Purchase Agreement (PPA) with APL Apollo Building Products (a wholly owned subsidiary of APL Apollo Tubes Limited), India’s largest structural steel tubes & pipes manufacturing company. The pact was signed for the establishment of a 61.65 MW solar plant in Chhattisgarh.

APL Apollo along with other offtakers will hold a 26% stake under the group captive structure in the SPV of BluPine Energy for this project, elevating BluPine’s C&I capacity to about 400MW, with a target of reaching 1000MW soon.

The new solar plant is projected to generate approximately 94.5 MUs of electricity annually, which is equivalent to powering 79 thousand households and offset more than 87 thousand tonnes of CO2 emissions each year. This initiative will significantly reduce operating costs and enhance energy efficiency.

Neerav Nanavaty, CEO of BluPine Energy, highlighted the importance of this partnership, stating, “This collaboration marks a significant advancement for BluPine Energy. As we expand our renewable energy portfolio and promote local economic growth and environmental responsibility, we propose to construct a 61.65MW solar facility in Chhattisgarh. With this agreement, we can further our dedication to offering innovative and sustainable energy solutions that benefit both our partners and the environment.”

Rahul Mishra, Head – C&I, BluPine Energy, also commented on the agreement, emphasizing the growth of the commercial and industrial (C&I) sector in India. “With a current C&I capacity of about 400 MW in various stages of development and an ambitious aim of 1000 MW, this initiative underscores our commitment to creating value for stakeholders and communities.”

Harsh Agarwal, Senior Official from APL Apollo said, “APL Apollo is honoured to join forces with BluPine Energy for this groundbreaking initiative. This collaboration is our dedication to sustainable solutions and reaffirms our mission to catalyze beneficial transformations. Through the signing of this PPA and the construction of a solar facility in Chhattisgarh, India is moving closer to a more environmentally friendly future. By working together, we can improve the environment and benefit everyone.”

BluPine Energy’s portfolio expansion includes a recent Energy Supply Agreement (ESA) signed in February 2024 with a global leader in data centre operations. This open access project features 150 MW of solar power integrated with a 70 MWhr Battery Energy Storage System (BESS).

With this latest partnership, BluPine Energy’s total renewables capacity has reached 2.4GW, including 730 MW of operational capacity across 27 sites in seven states in India.

About BluPine Energy

BluPine Energy is a renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies. 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.