Blupine secures Rs 3.76 billion for 100 MW solar project in Gujarat

Blupine Energy Private Limited has achieved financial closure for its 100 MW grid-connected solar power project under Gujarat Urja Vikas Nigam Limited (GUVNL) Phase XXII. The project will come up in Tharad, Banaskantha, Gujarat.

The company secured Rs 3.76 billion in debt financing from Standard Chartered Bank for the project.

Blupine is executing the project through its wholly-owned subsidiary, Solarcraft Power India 5 Private Limited. In February 2024, the subsidiary secured 50 MW base capacity at a tariff of Rs 2.65 per kWh and an additional 50 MW under the greenshoe option at Rs 2.3 per kWh.

GUVNL had invited bids in November 2023 to set up 500 MW solar photovoltaic (PV) capacity, with a greenshoe option for an additional 500 MW. Projects were to be developed on a build, own and operate (BOO) basis anywhere in India.

The 100 MW solar project at Tharad is scheduled for commissioning by June 2026.