BluPine Energy secures loan for 120 MW solar project in Sadla, Gujarat

BluPine Energy, in collaboration with HDFC Bank, has achieved financial closure for its 120 MW Solar Project in Sadla, Gujarat. The project, operating under GUVNL 18, marks a significant step towards renewable energy expansion in the region.

The debt financing for the project, amounting to Rs 418 crores (USD 50.1 Million), has been secured from HDFC Bank. Once operational, the solar plant is projected to generate over 3.23 lakh MWh of solar energy annually, effectively curbing the emission of more than 2.96 lakh tons of CO2 per year.

The project's electricity output will be supplied to Gujarat Urja Vikas Nigam Limited (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date, further solidifying the region's renewable energy infrastructure.

Sanjeev Bhatia, CFO of BluPine Energy, emphasized the importance of this achievement, stating, "Securing the financial closure for our 120 MW Solar Project in Sadla, Gujarat is an important step for BluPine Energy which was made possible by the debt from HDFC Bank. This is a great opportunity to contribute to the renewable energy market and help create a more sustainable and environmentally friendly future."

Rakesh Singh, Group Head – Investment Banking & Private Banking, HDFC Bank, expressed HDFC Bank's commitment to supporting renewable energy initiatives. "We’re pleased to contribute positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Partnering with BluPine Energy on the 120MW solar power project in Gujarat is another step in the direction of supporting businesses creating solutions that are climate sensitive," Singh said.