BluPine Energy Private Limited, a leading renewable energy platform backed by Actis, has achieved financial closure for its 100 MW solar power project in Tharad, Banaskantha district, Gujarat. The company announced it has secured ₹376 crore in debt funding, marking a major milestone for the project being developed under its wholly owned subsidiary, Solarcraft Power India 5 Pvt Ltd.
The funding was arranged solely by Standard Chartered, which acted as the Sole Mandated Lead Arranger, Lender, Green Loan Coordinator, and Account Bank. The financial closure involves a green loan structured in compliance with project finance norms, reinforcing BluPine Energy’s credentials in sustainable energy infrastructure development.
“This closure underpins BluPine’s commitment to financial stewardship, robust corporate governance, and strong execution capabilities,” said Sanjeev Bhatia, Chief Financial Officer of BluPine Energy. “It reinforces our strategy of scaling up clean energy infrastructure while ensuring commercial viability and sustainable returns. Partnering with premier financial institutions that share our commitment to a cleaner, stronger grid is essential. This is a significant transaction, and we thank our lending partners for their continued confidence in BluPine and our ability to build top-of-the-line energy centres.”
The 100 MW solar project, awarded under the Gujarat Urja Vikas Nigam Ltd. (GUVNL) 22 tender, is expected to be commissioned in the first half of 2026, as per the Power Purchase Agreement (PPA). Upon completion, it will make a substantial contribution to Gujarat’s renewable energy goals and bolster India’s broader clean energy transition.
Standard Chartered expressed its pride in supporting BluPine’s green initiatives. “We are delighted to be the first port of call and primary relationship bank to BluPine in India and ensure timely financial closure of their projects,” said Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia at Standard Chartered. “The Group globally has plans to mobilise $300 billion in sustainable finance by 2030. India is one of the key markets in this journey, and our work will continue to support the country’s ambition to reduce overall carbon emissions.”
