BluPine Energy has obtained funding of 12.6 billion for its 198 MW wind project located in Gujarat. This project was acquired through an auction held by Gujarat Urja Vikas Nigam Limited (GUVNL) to procure power from 500 MW of grid-connected wind power projects, phase III, in 2022.
For the green loan financing arrangement, Standard Chartered Bank and TATA Capital will serve as underwriters. Initially, BluPine secured 100 MW capacity at a rate of Rs 3.05 per kWh. Subsequently, it obtained an additional 98 MW capacity through the greenshoe option, which was issued in May 2022. The project needs to be structured for connection to either the state or central transmission utility through a dedicated transmission line, facilitating energy delivery to the Gujarat Energy Transmission Corporation’s vicinity.
The stated annual capacity utilisation factor (CUF) must be at least 22 per cent. Throughout the 25-year duration of the power purchase agreement, the company is required to sustain generation levels to maintain the annual CUF within a range of +20 per cent and -20 per cent of the declared CUF. Upon becoming operational, the project targets an annual production of about 65 GW of wind energy. This anticipated output is expected to counterbalance approximately 600,000 tonnes of emissions and provide power to approximately 130,000 households annually. The power produced by this plant will be delivered to GUVNL through a power purchase agreement for a duration of 25 years starting from the scheduled commercial operation date.
Recently, in March 2024, BluPine Energy broadened its renewable energy portfolio through the acquisition of 369 MW of solar power assets from the ACME Group.
