BluPine Energy raises ₹1,787 crore for renewable expansion

BluPine Energy has secured ₹1,787 crore in a financing deal with the National Bank for Financing Infrastructure and Development (NaBFID). The company, which focuses on renewable energy, aims to use this funding to improve its financial structure and boost its operations. The financing involves a group of 14 Special Purpose Vehicles (SPVs) located in Punjab, Uttarakhand, and Karnataka. This diverse structure combines support from both central and state-level buyers. The funds will allow BluPine to reduce its debt costs and enhance cash flow, giving the company more financial flexibility. BluPine plans to use the money to upgrade its existing solar power assets. This will make them more efficient and effective. Neerav Nanavaty, CEO of BluPine Energy, emphasized that this deal strengthens the company’s financial position and supports India’s renewable energy goals. Rajkiran Rai G, Managing Director of NaBFID, expressed confidence in the partnership. He believes it will lead to significant progress in the renewable energy sector through innovation and new standards for the future.