Ahmedabad: Renewable energy services company BluPine Energy has secured a green loan of Rs 511 crore for its 120 MW solar project in Gujarat. The finance has been provided by Standard Chartered, as stated by the company.

Sanjeev Bhatia, CFO of BluPine Energy, stated that the project not only contributes to India’s clean energy objectives but also showcases the company’s commitment to innovation and environmental responsibility. The company also announced the successful financial closure of the 120 MW solar project here in Gujarat, with a total investment of Rs 665 crore. Once completed, the solar plant is anticipated to generate around 3.23 lakh MWh of solar energy annually, offsetting approximately 2.96 lakh tons of CO2 and supplying power to about 2.7 lakh households.

Prasad Hegde, Managing Director, Regional Head of Project & Export Finance, South Asia at Standard Chartered Bank, expressed the bank’s support for growing renewable energy platforms in India and reaffirmed Standard Chartered’s commitment to mobilize USD 300 billion of sustainable finance by 2030.

The electricity produced by the plant will be provided to Gujarat Urja Vikas Nigam Ltd. (GUVNL) under a 25-year Power Purchase Agreement (PPA) from the scheduled commercial operation date.

With the inclusion of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will increase to 360 MW and 290 MW, respectively, across three projects under GUVNL. DeshGujarat