BluPine Energy Secures INR 239 Cr Financial Assistance from Tata Capital The company will use the money on a solar power project in Chhattisgarh.
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Renewable energy company BluPine Energy has secured INR 239 crore in financial assistance from Tata Capital for a solar power project in Chhattisgarh.
The project is in partnership with APL Apollo Building Products (a wholly owned subsidiary of APL Apollo Tubes), structural steel tubes and pipes manufacturing company, which will also be the lead consumer of the power generated from the project.
Once completed, the solar plant is expected to generate around 117 million units (MUs) of energy annually, offsetting more than 107,000 tons of CO2 emissions each year.
Sanjeev Bhatia, CFO of BluPine Energy, said, "We are witnessing a significant shift where private entities and corporates are increasingly prioritising green initiatives, sustainable practices, and adherence to ESG policies."
"Securing debt financing from Tata Capital for our 75 MWp solar project in Chhattisgarh is a major achievement for BluPine Energy and a step towards net zero emissions. By aligning our financial strategies with our environmental goals, we aim to contribute to a greener future and demonstrate that sustainable practices are environmentally necessary and financially sound," Bhatia added.
Founded in 2021, BluPine Energy is a renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies.
Manish Chourasia, Managing Director, Tata Cleantech Capital, said, "Our longstanding collaboration with BluPine Energy, spanning from a successful wind energy project to our current solar initiative, represents a steadfast commitment to creating a sustainable future for the next generation."
"By harnessing renewable energy sources, we are not only reducing carbon footprints but also driving innovation in the energy sector. Tata Capital values this partnership as we jointly pave the way towards a greener, more sustainable future," added Chourasia.
