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BluPine Energy Secures Rs376 Crore Debt from Standard Chartered for 100 MW Gujarat Solar Project

Gurugram-based renewable energy company BluPine Energy, backed by Actis, has achieved financial closure for Rs376 crore in debt funding from Standard Chartered Bank for its 100 MW under-construction solar project in Tharad, Banaskantha district, Gujarat. The project, being executed through its subsidiary Solarcraft Power India 5, falls under Gujarat Urja Vikas Nigam’s (GUVNL) Phase XXII auction and is expected to be commissioned by the first half of 2026.

Standard Chartered served as the sole mandated lead arranger, lender, green loan coordinator, and account bank for the transaction.

BluPine Energy is developing a green energy portfolio of over 4 GW in India, supported by a Rs6,833 crore commitment from Actis’ Energy Fund 5.

In March 2024, the company secured Rs1,260 crore in debt for its 198 MW wind project in Gujarat, awarded under GUVNL’s Phase III wind auction.

Last month, BluPine closed a Rs1,787 crore structured financing deal with the National Bank for Financing Infrastructure and Development. This funding supports 14 special-purpose vehicles across Punjab, Uttarakhand, and Karnataka.

Earlier, in July 2024, Tata Capital extended Rs239 crore in funding for a 75 MW solar project in Chhattisgarh, developed in partnership with APL Apollo Building Products.