BluPine & Actis close INR 24B deal for Karnataka FDRE project

BluPine Energy, a renewable energy platform in India backed by Actis has secured INR 2,416 crore (~$ 280.30 million) debt for its 150 MW FDRE project in Karnataka. The project is being developed by its subsidiary, Solarcraft Power India 16 Pvt Ltd. It falls under SJVN's 1.5 GW FDRE tender issued on June 20, 2023. Standard Chartered acted as the lead arranger, lender, green coordinator, and account bank. The project includes solar, wind, and battery storage to manage energy intermittently. It is designed to support DISCOMs during peak demand hours. Commissioning is scheduled for 2026. Once operational, it is expected to reduce 687,043 tons of CO₂ emissions.