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BluPine Energy secures Rs 1,260 cr loan

BluPine Energy secures Rs 1,260 cr loan

New Delhi: BluPine Energy on Wednesday said it has secured a loan of Rs 1,260 crore from Standard Chartered Bank and TATA Capital for its wind project in Gujarat. After completion, the 198 MW plant is expected to generate about 65 GWh (gigawatt hour) of wind energy annually, offsetting about 6 lakh tonne of CO2 emissions, the company said.

"With the addition of this project, our cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW...across 7 projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 2.4 GW, with 730 MW currently operational," Neerav Nanavaty, CEO of BluPine Energy, said. The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date. Gurugram-based BluPine Energy is a renewable energy services firm.

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