Indian renewable energy platfrom BluPine Energy has raised INR2,416 billion (US$290 million) in debt sanctions for its 150MW power project in Aland, Karnataka.
The project is being developed by Gurugram, Haryana-headquartered BluPine Energy’s wholly owned subsidiary, Solarcraft Power India, as part of the 1,500MW Firm and Dispatchable Renewable Energy (FDRE) tender issued by the Indian public sector undertaking (PSU) Navratna company Satluj Jal Vidyut Nigam (SJVN) in 2023.
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The firm confirmed that it expects to commission the project within the next year. The facility will integrate advanced technologies, including tunnel oxide passivated contact (TOPCon) solar PV modules, envision wind turbines, and lithium-ion battery storage. Designed as a hybrid plant, it will combine solar, wind, and storage systems to deliver firm and dispatchable renewable power.
“Aland, Karnataka, offers favourable wind speeds and solar irradiance, making it ideal for hybrid renewable energy generation. The region also has abundant contiguous land which is important for solar installations. Additionally, availability of the Inter-State Transmission System (ISTS) grid infrastructure was an important factor in selecting this location,” a spokesperson for the BluPine Energy told PV Tech.
“This project is part of BluPine’s growing portfolio of FDRE projects. We have won another bid for the National Hydro Power Company (NHPC) FDRE project. Currently, we have two projects under FDRE bids and are actively expanding our pipeline across India.”
Sanjeev Bhatia, chief financial officer at BluPine Energy, highlighted that this financial assistance facilitates them in building other FDRE projects, which will include solar, wind and battery energy storage assets. The projects will provide critical support to distribution companies (DISCOMs) during peak demand hours.
Standard Chartered led the financing, acting as primary lender, green coordinator and account bank for the project.
Prasad Hegde, regional head of infrastructure and the development finance group, India and South Asia at Standard Chartered, added that the bank is seeking to mobilise US$300 billion in sustainable finance by 2030 to build India as a key sustainable finance market and support the country’s renewable energy ambition.
Backed by London-based investment firm Actis through its US$800 million Energy Fund, BluPine Energy is developing a renewable energy portfolio exceeding 4GW across India. The company currently operates a diverse portfolio that includes a 150MW solar-plus-storage project in Rajasthan’s Bikaner district, a 40MW solar installation in Madhya Pradesh and a 100MW solar project in Gujarat.
It also runs a 99MW wind plant in Maharashtra and a 99MW renewable energy project in Tamil Nadu.
