BluPine Energy, a renewable energy services company established in India by global infrastructure investor Actis, has announced the financial closure for its 120 MW solar project in Panshina and Radhanpur villages of Gujarat. It had won the project in an auction by Gujarat Urja Vikas Nigam Ltd (GUVNL).
State Bank of India, one of India’s largest banking and financial services organizations, has sanctioned a total loan amounting to INR 436 crore (USD 52.85 million) for the project. Once operational, the plant is expected to generate approximately 2.98 lakh MWh of electricity annually, offsetting an estimated 2.7 lakh tonnes of CO2 emissions each year and supplying power to around 2.7 lakh households.
The electricity generated from this plant will be supplied to GUVNL under a power purchase agreement (PPA) for 25 years from the scheduled commercial operation date.
With this addition, BluPine Energy has achieved a total renewables capacity of 2.4 GW, including 850 MW of operational capacity across 27 sites in seven states.
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