BluPine Energy, an Indian portfolio company of private equity firm Actis, has secured power purchase agreements (PPAs) to supply green electricity to domestic industrial players from two solar parks in the states of Chhattisgarh and Karnataka.
Announced on Monday, BluPine revealed that a contract with steel tubes and pipes maker APL Apollo Building Products will facilitate the development of a 61.7-MW photovoltaic (PV) park in Chhattisgarh, Central India.
Under the agreement, APL Apollo Tubes (BOM:533758) and other offtakers will benefit from solar power generation, collectively holding a 26% stake in the special purpose vehicle (SPV) behind the project through a group captive structure.
Once operational, the PV plant is projected to generate approximately 94.5 million kWh of electricity annually, sufficient to power 79,000 homes.
In a separate deal, cement maker Dalmia Cement has committed to purchasing the output of a 46.8-MWp solar park to be constructed by BluPine in Karnataka. Upon commissioning, the plant is anticipated to produce nearly 93 million kWh of electricity.
Dalmia Cement will hold a 26% interest in the SPV under a captive open-access model.
These PPAs mark a significant expansion for BluPine Energy, bringing its renewables fleet to 2.4 GW. Among these, 400 MW comprises commercial and industrial projects at various stages of development.
