BluPine Energy Private Limited, a leading renewable energy platform backed by Actis, has announced the successful sanction of debt funding worth ₹2,416 crore for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) power project in Aland, Karnataka.
The project is being developed through BluPine’s wholly-owned subsidiary, Solarcraft Power India 16 Pvt Ltd, under the SJVN’s 1500 MW FDRE tender issued on June 20, 2023. Once commissioned in 2026, the project is expected to play a crucial role in India’s renewable energy transition by providing reliable clean power during peak demand periods.
Standard Chartered Bank acted as the Mandated Lead Arranger, Lender, Sole Green Coordinator, and Account Bank for the transaction. This financing marks a significant milestone in India’s energy infrastructure journey, enabling a hybrid renewable energy solution with a combination of solar, wind, and battery energy storage systems. Such a model addresses the intermittency challenge associated with renewable power and ensures stable, dispatchable energy to the grid.
Prasad Hegde, Regional Head of Infrastructure & Development Finance Group, India and South Asia at Standard Chartered, highlighted the strategic significance of the deal. “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. India is a key sustainable finance market for us, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices,” Hegde stated. He also emphasised the bank’s global target of mobilising $300 billion in sustainable finance by 2030.
Commenting on the financial closure, Sanjeev Bhatia, Chief Financial Officer of BluPine Energy, said, “This closure underpins BluPine’s commitment to financial stewardship, robust corporate governance, and strong execution capabilities. It reinforces our strategy of scaling up clean energy infrastructure while ensuring commercial viability and sustainable returns.”
Bhatia further noted the critical role of FDRE projects in India’s energy roadmap. “The mix of solar, wind, and battery storage will provide crucial support to DISCOMs during peak demand hours. This transaction reflects our integrated approach to enhancing renewable energy integration and building resilient power systems,” he added.
Once operational, the Aland FDRE project is expected to help reduce an estimated 687,043 tonnes of CO₂ emissions annually, supporting India’s climate goals and its commitment to expand renewable energy capacity. The project will directly contribute to the country’s clean energy targets and reduce dependence on fossil fuels.
BluPine Energy continues to expand its portfolio of solar, wind, and FDRE projects across India. The company aims to deliver world-class energy solutions that align with the nation’s increasing electricity demand and decarbonisation agenda.
