BluPine Energy has achieved financial closure for its 120 MW solar project. Located in Gujarat, the project was secured through Gujarat Urja Vikas Nigam Limited (GUVNL) 16 tender. The project’s green loan funding of Rs 5.11 billion has been obtained from Standard Chartered.
This ambitious project has a total investment of Rs 6.65 billion. The solar facility is anticipated to produce approximately 323,000 MWh of solar energy per year, reducing 296,000 tonnes of emissions and supplying electricity to roughly 270,000 households upon its completion. The power produced by this facility will be delivered to GUVNL as a part of a 25-year power purchase agreement from the scheduled date of commercial operation.
In August 2023, the company bagged a 100 MW solar project at a tariff of Rs 6.68 kWh as a part of Rajasthan Urja Vikas Nigam Limited’s 1,200 MW solar power with storage auction.
In January 2023, the company won 50 MW at a tariff of Rs 2.52 per kWh as a part of GUVNL’s auction to deliver power from 500 MW of grid-connected solar power projects (Tranche XVIII), with an additional 500 MW greenshoe option.