BluPine Energy, a portfolio company of private equity firm Actis, has secured funding for the construction of a 75-megawatt-peak (MWp) solar park in Chhattisgarh, central India.
A banking consortium led by Tata Capital has provided INR 2.39 billion (USD 28.5 million/EUR 26.4 million) in debt financing for the project, BluPine announced on Monday.
The solar park will be developed in collaboration with APL Apollo Building Products, a unit of Indian steel tubes and pipes manufacturer APL Apollo Tubes. APL Apollo will be the primary off-taker of the electricity generated by the new facility.
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Once operational, the photovoltaic (PV) plant is expected to generate approximately 117 million kilowatt-hours (kWh) of electricity annually. This output will help offset more than 107,000 tonnes of carbon dioxide (CO2) emissions each year.
BluPine, which manages approximately 2.4 gigawatts (GW) of renewable energy capacity, plans to expand its portfolio to 4 GW through a USD 800 million (EUR 739.9 million) equity investment from Actis' Energy Fund 5, focusing exclusively on India. The company recently achieved financial closure for a 120-MW solar project in Gujarat.
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BluPine Energy Secures Financing for 120-MW Solar Project in Gujarat
