BluPine Energy bags Rs 1,787 Cr to fuel portfolio expansion
The company will use the funds to optimise its financial structuring, enhance efficiency, and for expansion plans.
Renewable energy service company BluPine Energy on Tuesday said it has closed a structured financing deal of Rs 1,787 crore with the National Bank for Financing Infrastructure and Development (NaBFID).
The deal, which is structured around a restricted group of 14 special purpose vehicles (SPVs), is designed to help optimise the company’s financial structuring, operational efficiency, and help expand its portfolio.
Restricted group suggests that these 14 SPVs are grouped together under certain agreements or restrictions, possibly related to financing or operational control.
These SPVs span Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.
According to the company, the collaboration with NaBFID will help lower debt servicing costs, improve cash flow, and enable financial stability.
The funds will be deployed towards re-powering existing solar assets and will help improve the firm’s internal rate of return (IRR).
“We are delighted to partner with NaBFID on this critical financing milestone. This transaction strengthens our financial foundation, allowing us to scale operations while contributing to India’s renewable energy goals. We appreciate the unwavering support of our stakeholders and partners who played an instrumental role in this achievement,” said Neerav Nanavaty, CEO, BluPine Energy.
BluPine is an Indian renewable energy company set up by global investor, Actis. The company has received an investment of $800 million from Actis’ Energy Fund 5.
Most recently, the firm also bagged Rs 239 crore financial assistance from Tata Capital to fund a solar power project in Chhattisgarh.
“As the global transition towards sustainable energy gains momentum, we at NaBFID believe that India's long-term energy security and sustainability rides on harnessing renewable resources. We are confident that our combined efforts with BluPine will lead to significant advancements in the renewable sector by driving innovations and setting new benchmarks for years to come,” said Rajkiran Rai G, Managing Director, NaBFID.
Edited by Jyoti Narayan
