BluPine Energy secures Rs 17.87 billion from NaBFID for renewable expansion

BluPine Energy has secured Rs 17.87 billion in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID). The funds will be used to optimize financial structuring and support the company’s renewable energy expansion.

The financing is structured around a restricted group of 14 special purpose vehicles (SPVs) located in Punjab, Uttarakhand, and Karnataka. These projects supply power to a mix of central and state off-takers.

BluPine plans to utilize the funds to repower its existing solar assets, enhancing efficiency and operational performance. The financing is also expected to lower debt servicing costs, improve cash flow, and boost internal rate of return.

The company was established by global investor Actis and is backed by an $800 million investment from Actis’ Energy Fund 5. It is currently working towards building a renewable energy portfolio exceeding 4,000 MW.

Last week, NaBFID sanctioned a Rs 2.72 billion loan to KPI Green Energy Limited. The funds will partially finance a 50 MW wind-solar hybrid power project in Bharuch, Gujarat. The project is part of Phase I under Gujarat Urja Vikas Nigam Limited’s (GUVNL) wind-solar hybrid power initiative.