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BluPine Secures Rs2,416 Cr Debt for 150 MW Hybrid Renewable Project in Karnataka

BluPine Energy has secured Rs2,416 crore in debt financing from Standard Chartered Bank for its 150 MW firm and dispatchable renewable energy (FDRE) project in Aland, Karnataka. The project, awarded under SJVN’s 1,500 MW FDRE auction at Rs4.39/kWh, will integrate solar, wind, and battery storage to ensure round-the-clock energy supply and support peak demand. It is scheduled for commissioning in 2026 and will be executed through Solarcraft Power India, a wholly owned subsidiary of BluPine.

Standard Chartered Bank served as the sole green coordinator, lender, and account bank, aligning the deal with its $300 billion sustainable finance target by 2030. This marks BluPine’s second major financing milestone this year with Standard Chartered, following the Rs376 crore debt closure for a 100 MW solar project in Tharad, Gujarat.

In March 2025, BluPine secured Rs1,787 crore from NaBFID for a portfolio of 14 special-purpose vehicles in Punjab, Uttarakhand, and Karnataka. The company is actively developing a 4 GW renewable portfolio in India with $800 million in planned investment. It was also a winner in SECI’s Tranche XVI auction for 1.2 GW solar capacity, securing 50 MW at Rs2.49/kWh.