Mumbai, May 12, 2025 – BluPine Energy Private Limited (henceforth BluPine Energy), an Actis backed leading renewable energy platform, today announced the successful financial closure of debt funding worth ₹376 crore for its 100 MW solar power project being developed in Tharad, Banaskantha district, Gujarat.
The project, undertaken under its wholly owned subsidiary Solarcraft Power India 5 Pvt. Ltd., is being developed under the GUVNL 22 tender. Standard Chartered acted as a Sole Mandated Lead Arranger, Lender, Green Loan Coordinator and Account Bank. The financing documents have been executed for the ₹376 crore project finance green loan secured from Standard Chartered, marking the financial closure of the project.
Sanjeev Bhatia, Chief Financial Officer, BluPine Energy, said, ““This closure underpins BluPine’s commitment to financial stewardship, robust corporate governance, and strong execution capabilities. It reinforces our strategy of scaling up clean energy infrastructure while ensuring commercial viability and sustainable returns. As we continue to develop world-class energy solutions to meet India’s growing electricity demands, partnering with premier financial institutions that share our commitment to a cleaner, stronger grid is essential. This is a significant transaction, and we thank our lending partners for their continued confidence in BluPine and our ability to build top-of-the-line energy centers.”
Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, said, “We are delighted to be the first port of call and primary relationship Bank to BluPine in India and ensure timely financial closure of their projects. Standard Chartered is committed to help businesses adapt to climate change, build resilience and provide an opportunity for them to thrive long-term. The Group globally also has plans to mobilise $300 billion in sustainable finance by 2030 which will assist in this journey. India is one of the key markets in the Group for sustainable finance and our work will continue to support the country’s ambition to reduce overall carbon emissions.”
This project is slated for commissioning in the first half of 2026, as per the Power Purchase Agreement (PPA) terms. Once operational, it will contribute significantly to Gujarat’s renewable energy targets and support India’s broader energy transition agenda.
BluPine Energy remains focused on expanding its renewable energy footprint with a diversified portfolio of high-quality solar and wind energy projects across India.
