BluPine Energy has closed a structured financing deal of INR 1,787 crore with the National Bank for Financing Infrastructure and Development (NaBFID). The funding will allow BluPine to optimize financial structuring, enhance operational efficiency, and fuel portfolio expansion.
The transaction was structured around a Restricted Group of 14 special purpose vehicles (SPVs) in Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.
“The collaboration with NaBFID will help BluPine in lowering debt servicing costs, improving cash flow, and enable financial flexibility,” stated BluPine Energy. “The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness. The financing will also drive BluPine’s long-term portfolio expansion, improving internal rate of return (IRR) and supporting BluPine Energy’s sustainability goals.”
BluPine Energy is a renewable energy services company established in India by Actis, a global investor. With an investment of $800 million from Actis’ Energy Fund 5, BluPine Energy is aiming to develop 4+GW renewable energy portfolio, exclusively in India.
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