BluPine Energy has secured Rs 17.87 billion in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID). The funding will be utilised to optimise financial structuring and support the expansion of BluPine’s renewable energy portfolio. The financing is structured around a restricted group of 14 special purpose vehicles located in Punjab, Uttarakhand, and Karnataka, with a combination of central and state off-takers.
Moreover, the funds will be directed towards repowering existing solar assets, enhancing their efficiency, and improving operational performance. The financing is also expected to lower debt servicing costs, improve cash flow, and improve internal rate of return.
BluPine Energy, established by global investor Actis, is a renewable energy platform in India. With an $800 million investment from Actis’ Energy Fund 5, the company is working towards building a renewable energy portfolio exceeding 4,000 MW.
