BluPine Energy, Suprajit Partner To Procure Solar Power From Karnataka Project

BluPine Energy, Suprajit Partner To Procure Solar Power From Karnataka Project

Gurugram-based BluPine Energy recently signed a long-term Power Purchase Agreement (PPA) with Suprajit Engineering to enhance its renewable power supply. Suprajit Automotive Private, the company’s subsidiary, entered into a Shareholders’ Agreement (SHA) with BluPine Energy Private Limited (BluPine) and Solarcraft Power India 26 Private Limited (Solarcraft 26).

The company added, “The Share Subscription Agreement (SSA) with Solarcraft 26 is for a ₹37,80,000 investment in one or more tranches.” The company stated in a filing that the transaction is subject to customary conditions precedent and is expected to be completed within nine months. The agreement involves a minimum 26% subscription (along with other captive users) of its securities, i.e., equity share capital and compulsory convertible debentures, by December 18, 2024, to source solar power as a captive consumer from the solar power plant located in Karnataka.

The filling mentioned that the cost of acquisition or the price at which the shares are acquired is ₹88,20,000 in one or more tranches with Solarcraft Power 26. It also signed a Share Subscription Agreement (SSA) with Solarcraft Power 26 (along with other captive users).

BluPine Commissions Its First 120 MW Solar Project in Gujarat

Earlier this year, BluPine Energy commissioned its first 120 MW solar project in Gujarat. This project includes a 70 MW solar plant at Radhanpur and a 50 MW solar plant at Nenava, both located in the northern part of the state. The project achieved financial closure under the GUVNL 16 tender, with green financing secured through Standard Chartered Bank. The solar plants are set to deliver approximately 3.23 lakh MWh of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and providing power to around 2.7 lakh households.

The project was successfully completed in 18 months, with over 750 skilled and unskilled workers contributing more than 500,000 safe man-hours to set up the plant, which spans 500 acres.