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BluPine Energy Secures Rs1,787 Cr from NaBFID to Expand Renewable Portfolio

BluPine Energy, a Gurugram-based renewable energy services company, has secured Rs1,787 crore in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID). The funding is structured around 14 special purpose vehicles (SPVs) spread across Punjab, Uttarakhand, and Karnataka, with both central and state off-takers.

Key Objectives of the Financing

• Optimize financial structuring to improve cash flow and reduce debt servicing costs.
• Repower existing solar assets to enhance efficiency and operational effectiveness.
• Support long-term portfolio expansion, aligning with BluPine’s renewable energy growth strategy.
• Improve the company’s internal rate of return and advance sustainability goals.

BluPine’s Growth and Recent Developments

• August 2024: Won 1.2 GW of ISTS-connected solar projects in SECI Tranche XVI auction.
• July 2024: Secured Rs239 crore from Tata Capital for a 75 MW solar project in Chhattisgarh.
• Parent Investment: BluPine Energy was founded with Rs6,960 crore from Actis’ Energy Fund 5 and is developing a 4 GW renewable energy portfolio in India.

CEO Statement

CEO Neerav Nanavaty highlighted that this partnership with NaBFID will strengthen BluPine’s financial foundation, enabling it to scale operations while supporting India’s clean energy transition. The investment will help enhance India’s renewable energy footprint and contribute to national sustainability targets.