BluPine secures INR 2,416 crore financing for 150 MW renewable project

The project will reduce over 600,000 tones of carbon emissions.

BluPine Energy has secured a INR 2,416 crore debt sanction for its 150 megawatt Firm and Dispatchable Renewable Energy (FDRE) Power Project in Aland, Karnataka.

In a statement, BluePine said the financing was led by Standard Chartered, acting as mandated lead arranger, lender, sole green coordinator, and account bank for this transaction.

“This financial assistance facilitates us in building the need-of-hour FDRE projects — mix of solar, wind, and battery energy storage assets, which helps in overcoming intermittency of renewable energy sources and providing critical support to DISCOMs during peak demand hours,” said BluPine CFO CPA, CMA Sanjeev Bhatia.

The project is expected to reduce over 687,000 tonnes of carbon emissions annually.