BluPine Energy has successfully closed the financing for a new 75 MWp solar project in Chhattisgarh, India. Leading this effort, Tata Capital and a group of partner banks have committed INR 2,390 million (about $28.6 million) in debt funding.
In this venture, BluPine is teaming up with APL Apollo Building Products, which, as a key player in the structural steel tube market, will also be the primary consumer of the solar energy produced.
The solar facility is anticipated to generate around 117 million units (MUs) of electricity per year, which will help mitigate more than 107,000 tons of CO2 emissions annually.
This project is part of BluPine Energy Private’s broader mission. Supported by Actis UK, the company is on a path to develop 4 GW of renewable energy projects across India, with an impressive equity investment of $800 million dedicated to this cause.