BluPine Energy secures Rs 418 crore loan for solar project in Gujarat

New Delhi: Renewable energy service firm BluPine Energy on Monday said it has secured Rs 418 crore from HDFC Bank for its 120 MW solar project in Sadla, Gujarat.

After completion, the plant is expected to generate about 3.23 lakh MWh (megawatt hour) of solar energy annually, offsetting around 2.96 lakh tonnes of CO2 equivalent annually and provide power to around 2.7 lakh households annually, a company statement said.

Sanjeev Bhatia, CFO of BluPine Energy, said in the statement, "Securing the financial closure for our 120 MW Solar Project in Sadla, Gujarat is an important step for BluPine Energy which was made possible by the debt from HDFC Bank." The total debt sanctioned for this ambitious project is Rs 418 crores (USD 50.1 Million), the statement said.

Bhatia said that with the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW across 7 projects under GUVNL.

Moreover, the overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational, he added.

Rakesh Singh, Group Head – Investment Banking & Private Banking, HDFC Bank, said in the statement, "Partnering with BluPine Energy on the 120MW solar power project in Gujarat is another step in the direction of supporting businesses creating solutions that are climate sensitive." The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date.