BluPine Energy announced it has secured financial closure for its 120 MW solar project in Sadla, Gujarat. BluPine Energy obtained debt financing for its project from HDFC Bank. The total amount of debt approved for the project is Rs 4.18 billion. Once completed, the plant is projected to generate approximately 0.323 million MWh of solar energy per year, offsetting over 0.296 million tons of carbon equivalent annually and supplying electricity to around 0.27 million households each year. Under the terms of a power purchase agreement, Gujarat Urja Vikas Nigam Limited will receive the electricity produced by this plant for 25 years following the planned commercial operation date.
With the inclusion of this project, BluPine Energy’s combined solar and wind energy capacity in Gujarat will increase to 750 MW across seven projects with GUVNL. This will bring the company’s total renewable energy capacity to about 2.6 GW, with 730 MW already operational.
In March 2024, BluPine Energy obtained funding of 12.6 billion for its 198 MW wind project located in Gujarat.
