BluPine Energy secures Rs 5,400 crore refinancing facility from Axis Bank

BluPine Energy, a renewable energy platform owned by private equity firm Actis, has secured a Rs 5,400 crore long-term loan facility underwritten by Axis Bank. The funding will be used to refinance existing debt across the company’s portfolio of operational renewable energy projects.

The loan facility carries an interest rate of around 7.70% and has a tenor ranging from 16 to 20 years. It is secured against BluPine Energy’s portfolio of 17 special purpose vehicles (SPVs). These SPVs own operating solar and wind assets supported by long-term power purchase agreements (PPAs).

BluPine Energy’s portfolio currently has an operational capacity of 1,426 MWp, with an additional 26 MW under construction. The assets include both solar and wind projects. All 17 SPVs are wholly owned by Actis through the BluPine Energy platform.

The company said the proceeds will be used to refinance existing borrowings raised from a consortium of lenders. The refinancing is intended to extend debt maturities and improve the overall capital structure. The transaction follows Actis’s stated commitment of $800 million to develop around 4 GW of renewable energy capacity in India through its Energy-5 fund.

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