BluPine raises Rs 5,400 cr loan underwritten by Axis Bank

Mumbai: BluPine Energy, a renewable energy platform backed by London-headquartered private equity firm Actis, has secured a ₹5,400 crore long-tenor loan underwritten by Axis Bank, according to people familiar with the matter.

The facility has a tenor of 16-20 years and carries an interest rate of about 7.7%, they said.

The loan is secured against BluPine Energy's portfolio of 17 renewable energy special purpose vehicles (SPVs), giving lenders recourse to operating solar and wind assets backed by long-term power purchase agreements. The SPVs include Solarcraft Power India 3, Solarcraft Cleantech and Solarcraft TN1. BluPine Energy has an operating capacity of 1,426 megawatt-peak, with an additional 26 MW under construction. All 17 SPVs are ultimately held by Actis through BluPine Energy.


Actis has committed $800 million to India to develop about 4 gigawatts of renewable capacity through its Actis Energy-5 fund, according to a recent ICRA report.

Proceeds from the loan will be used to refinance existing borrowings raised from a diverse group of lenders.