BluPine Energy has announced the financial closure for its 75 MWp solar project in the Indian state of Chhattisgarh. A banking consortium led by Tata Capital has sanctioned INR 2,390 million ($28.6 million) in debt finance for this project.
BluPine Energy is setting up the project in partnership with APL Apollo Building Products (an arm of APL Apollo Tubes), India’s largest structural steel tubes and pipes manufacturing company, which will also be the lead consumer of the power generated from the project.
Upon completion, the solar plant is expected to generate around 117 million units (MUs) of electricity annually, helping to offset over 107,000 tons of CO2 emissions yearly.
BluPine Energy Private is a renewable energy platform established by private equity funding partners Actis UK to develop and execute 4 GW of utility and commercial & industrial scale renewable energy projects in India with a committed equity of $800 million.
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