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BluPine Energy, a prominent renewable energy services company in India, established by global infrastructure investor Actis, has successfully closed a ?1,787 crore structured financing deal with the National Bank for Financing Infrastructure and Development (NaBFID). This strategic move is aimed at optimizing BluPine’s financial structuring, enhancing operational efficiency, and supporting the long-term growth of its renewable energy portfolio. The transaction is structured around a Restricted Group of 14 Special Purpose Vehicles (SPVs), covering solar power projects across Punjab, Uttarakhand, and Karnataka. These projects supply power to a diverse set of off-takers, including both central and state government entities, reflecting BluPine Energy’s focus on building a robust and diversified renewable energy footprint across India. This financing is expected to play a pivotal role in lowering debt servicing costs and improving cash flow, granting BluPine greater financial flexibility to reinvest in its assets and pursue further expansion. A significant portion of the funds will be allocated towards repowering existing solar assets to increase their efficiency and operational performance, ensuring long-term reliability and sustainability. Neerav Nanavaty, CEO, BluPine Energy, said in a statement, “We are delighted to partner with NaBFID on this critical financing milestone. This transaction strengthens our financial foundation, allowing us to scale operations while contributing to India’s renewable energy goals. We appreciate the unwavering support of our stakeholders and partners who played an instrumental role in this achievement.” Sanjeev Bhatia, CFO, BluPine Energy, mentioned, “This refinancing agreement enhances our financial agility, allowing us to optimize our cost structure and expand our renewable portfolio. The strategic partnership with NaBFID strengthens our ability to scale operations while ensuring financial resilience and long-term sustainability. BluPine Energy extends its appreciation to Deloitte for its instrumental role in structuring the transaction, as well as Argus Partners (BLC) and Dentons Link Legal (LLC) for facilitating its successful execution within a time-bound framework.” Moreover, this capital infusion aligns with BluPine Energy’s broader strategy of enhancing its internal rate of return (IRR) and strengthening its market position as a key player in India’s clean energy transition. The partnership with NaBFID underscores a shared commitment to accelerating the adoption of renewable energy while ensuring financial prudence and long-term value creation for stakeholders. This deal marks a crucial milestone in BluPine Energy’s journey, further empowering the company to scale its operations, embrace innovative energy solutions, and contribute to India’s ambitious renewable energy targets. Rajkiran Rai G, Managing Director, NaBFID, stated, “As the global transition towards sustainable energy gains momentum, we at NaBFID believe that India’s long-term energy security and sustainability rides on harnessing renewable resources. We are confident that our combined efforts with BluPine will lead to significant advancements in the renewable sector by driving innovations and setting new benchmarks for years to come.” Samuel Joseph, Deputy Managing Director, NaBFID, commented, “This is a win-win partnership between NaBFID and BluPine. At NaBFID, we take pride in structuring this deal, which is indeed our forte. Through this arrangement, we successfully created a restricted group comprising 14 SPVs, thereby enhancing the credit profile and reducing the cost of financing.” |
