BluPine Energy secures Rs 1,787 crore from NaBFID, aims to repower existing solar assets

New Delhi: Renewable energy services 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 is designed to optimize financial structuring, enhance operational efficiency, and fuel portfolio expansion.

The transaction was structured around a restricted group of 14 special purpose vehicles (SPVs) spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.


The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness, the company said.

“As the global transition towards sustainable energy gains momentum, we believe that India's long-term energy security and sustainability rides on harnessing renewable resources,” Rajkiran Rai G, Managing Director, NaBFID said.

With an investment of $800 million from Actis’ Energy Fund 5, BluPine Energy aims to develop over 4 GW renewable energy portfolio in India.