BluPine Energy secures ₹1,787 crore from NaBFID

The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness. The financing will drive long-term portfolio expansion, improving internal rate of return (IRR) and supporting BluPine Energy’s sustainability goals.

BluPine Energy, has successfully closed a structured financing deal of ₹1,787 crore with the National Bank for Financing Infrastructure and Development (NaBFID). This deal is designed to optimise financial structuring, enhance operational efficiency, and fuel portfolio expansion.

The transaction was structured around a Restricted Group of 14 Special Purpose Vehicles (SPVs) spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers. This move reinforces BluPine Energy’s commitment to sustainable energy solutions and financial prudence, ensuring long-term value creation for stakeholders while advancing India’s clean energy transition.

The collaboration with NaBFID will help BluPine in lowering debt servicing costs, improving cash flow, and enable financial flexibility. The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness. The financing will drive long-term portfolio expansion, improving internal rate of return (IRR) and supporting BluPine Energy’s sustainability goals.

Neerav Nanavaty, CEO, BluPine Energy, said, “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, commented, “This refinancing agreement enhances our financial agility, allowing us to optimise 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.”

Commenting on the partnership, Rajkiran Rai G, Managing Director, NaBFID, said “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 mentioned, “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.”