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BluPine Energy has secured Rs 24.16 billion in debt financing for its 150 MW Firm and Dispatchable Renewable Energy (FDRE) project in Aland, Karnataka. The funding was arranged for its wholly owned subsidiary, Solarcraft Power India 16 Pvt Ltd, under the SJVN 1,500 MW FDRE tender dated June 20, 2023.

Standard Chartered acted as the Mandated Lead Arranger, Sole Green Coordinator, Lender, and Account Bank for the transaction. The project, comprising a mix of solar, wind, and battery energy storage systems, is expected to become operational in 2026. Once commissioned, it will enhance grid reliability and provide consistent support to electricity distribution companies (DISCOMs), especially during peak demand hours.

Sanjeev Bhatia, CFO of BluPine Energy, said the funding enables the company to build hybrid renewable systems that address intermittency and strengthen energy supply. Prasad Hegde, Regional Head at Standard Chartered, emphasised the bank’s role in ensuring timely financial closure for BluPine’s projects in India.

The FDRE plant is anticipated to reduce carbon dioxide emissions by approximately 687,043 tonnes annually, contributing meaningfully to India’s energy transition and climate targets.