BluPine Energy, a leading renewable energy company in India backed by global infrastructure investor Actis, has successfully closed a Rs 1,787 crore structured financing deal with the National Bank for Financing Infrastructure and Development (NaBFID). This deal is aimed at optimizing financial structuring, improving operational efficiency, and supporting portfolio expansion.
The transaction involves a Restricted Group of 14 Special Purpose Vehicles (SPVs) located across Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers. This strategic financing reinforces BluPine Energy’s commitment to sustainable energy solutions and long-term value creation while supporting India’s transition to clean energy.
The partnership with NaBFID is expected to reduce debt servicing costs, improve cash flow, and provide greater financial flexibility. The funds will be used to repower existing solar assets, enhancing their efficiency and operational performance. This will also support BluPine’s long-term portfolio expansion and sustainability goals.
Neerav Nanavaty, CEO of BluPine Energy, expressed his satisfaction with the collaboration, noting that this financing milestone strengthens the company’s financial foundation and accelerates its growth in alignment with India’s renewable energy targets. Sanjeev Bhatia, CFO, added that the deal enhances financial flexibility and supports the company’s strategic expansion.
Rajkiran Rai G, MD of NaBFID, highlighted that the deal aligns with NaBFID’s goal of promoting India’s energy security through renewable resources, while Samuel Joseph, Deputy MD, noted the mutually beneficial nature of the partnership.
