BluPine Energy Secures Major Financing for Karnataka Renewable Project

BluPine Energy announced on Monday that it has secured Rs 2,416 crore in debt financing for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) Power Project in Aland, Karnataka. This significant financial backing is set to advance the project developed by its subsidiary, Solarcraft Power India 16 Pvt Ltd, under the SJVN 1,500 MW FDRE tender.

Standard Chartered has played a crucial role in this transaction, acting as the Mandated Lead Arranger, Lender, Sole Green Coordinator, and Account Bank. In a statement, Sanjeev Bhatia, BluPine Energy's CFO, emphasized that this financial support is pivotal for creating FDRE projects that efficiently utilize solar, wind, and battery storage to tackle renewable energy intermittency and aid DISCOMs during peak demand periods.

The project is projected to be operational by 2026, contributing significantly to India's renewable energy objectives. It is expected to cut down 687,043 tonnes of CO₂ emissions, aiding in the expansion of sustainable and environmentally friendly practices.

(With inputs from agencies.)