BluPine Energy, an Indian subsidiary of private equity firm Actis, has achieved financial closure for its 120-MW solar project in Gujarat, India, the company announced on Monday.
The milestone was reached with a debt financing arrangement from the State Bank of India, which has committed INR 4.36 billion (USD 52.1 million/EUR 47.9 million) to the project.
Located in the Panshina and Radhanpur villages of Gujarat, the photovoltaic (PV) project was awarded to BluPine through a domestic tender conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL). Once operational, the solar farm is expected to generate approximately 298,000 MWh of electricity annually, sufficient to meet the power needs of about 270,000 homes.
Under a 25-year power purchase agreement (PPA), GUVNL will purchase the entire output of the PV park once it is commissioned.
With this new project, BluPine's portfolio now totals 2.4 GW in renewable capacity, including 850 MW of operational capacity spread across seven Indian states.
