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					</table><p>Gurugram-based renewable energy company <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a> said it has secured a funding of ₹2.39 billion (~$ 28.54 million) from <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital.</a></p>
<p>The funding will be utilized for a 75 MW solar power project in Chhattisgarh.</p>
<p>The project is expected to generate close to 117 million units of energy per year and offset more than 107,000 tons of carbon emissions.</p>
<p>The solar project in Chhattisgarh is being developed in partnership with APL Apollo Building Products, which will be the lead offtaker of the power generated.</p>
<p>BluPine Energy CFO Sanjeev Bhatia said<em>, </em>&#8220;We are witnessing a significant shift where private entities and corporates are increasingly prioritizing green initiatives, sustainable practices, and adherence to ESG policies. Securing debt financing from Tata Capital for our 75 MWp Solar Project in Chhattisgarh is a major achievement for BluPine Energy and a step towards net zero emissions.&#8221;</p>
<p>BluPine had recently <a href="https://www.mercomindia.com/blupine-secures-%E2%82%B94-36-billion-for-a-120-mw-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> ₹4.36 billion ($52.85 million) in financing from the State Bank of India for its 120 MW solar project in Panshina and Radhanpur in Gujarat.</p>
<p>It had also <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> a debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, also in Gujarat.</p>
<p>BluPine Energy was established in India by Actis, a global investor that funds and builds sustainable infrastructure companies. With an investment of $800 million from Actis’ Energy Fund 5, BluPine aims to develop a 4+GW renewable energy portfolio in India.</p>
<p>In June, BluPine was among the five winners in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW grid-connected solar projects with a 500 MW greenshoe option (Phase XXIV). BluPine <a href="https://www.mercomindia.com/kpi-avaada-guvnl-500-mw-solar-auction" target="_blank" rel="noopener">won</a> 40 MW at a tariff of ₹2.69 (~$0.0322)/kWh.</p>
<p>BluPine was also among the winners in Rajasthan Urja Vikas Nigam’s auction to <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">set up</a> 1,200 MW of solar projects with a committed supply for at least six hours from an energy storage system during peak demand periods.</p>


BluPine Energy Secures ₹2.39 Billion from Tata Capital


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					</table><p>Gurgaon-based <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a> has secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022.</p>
<p><a href="https://www.sc.com/in/" target="_blank" rel="noopener">Standard Chartered Bank</a> and <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">TATA Capital</a> will act as underwriters for the green loan financing, the company said.</p>
<p>BluPine had initially <a href="https://www.mercomindia.com/lowest-tariff-discovered-guvnls-500-mw-wind-auction" target="_blank" rel="noopener">won</a> 100 MW capacity at ₹3.05 (~$0.037)/kWh, along with six other companies. It later acquired an additional 98 MW capacity under the greenshoe option of the tender, which was <a href="https://www.mercomindia.com/gujarat-500-mw-wind-tender-greenshoe-option" target="_blank" rel="noopener">floated</a> in May of 2022.</p>
<p>The project has to be designed to connect with the state transmission utility or the central transmission utility through a dedicated transmission line to deliver energy at the Gujarat Energy Transmission Corporation (<a href="https://www.getcogujarat.com/" target="_blank" rel="noopener">GETCO</a>) periphery.</p>
<p>BluPine will also have to declare the annual capacity utilization factor (CUF) of the project at the time of signing of the power purchase agreement (PPA), and the same will be allowed to be revised once within the first three years. The declared annual CUF should not be less than 22%. The company must maintain generation to achieve annual CUF within +20% and -20% of the declared CUF during the PPA duration of 25 years.</p>
<p>If, for any year, it is found that BluPine has not been able to generate minimum energy as per the permissible lower limit of annual CUF, it will be liable to pay the compensation at 50% of the tariff to GUVNL.</p>
<p>Once operational, the project aims to produce approximately 65 GW of wind energy per year. This output is anticipated to offset an estimated 600,000 tons of CO2 equivalent and supply electricity to roughly 130,000 households each year.</p>
<p>The electricity generated from this plant will be supplied to GUVNL under a power purchase agreement for 25 years from the scheduled commercial operation date.</p>
<p>Recently, BluPine <a href="https://www.mercomindia.com/blupine-energy-acquires-369-mw-of-solar" target="_blank" rel="noopener">expanded</a> its renewable energy portfolio by acquiring 369 MW of solar power assets from the ACME Group.</p>


BluPine Energy Secures ₹12.6 Billion Financing for 198 MW Wind Project in Gujarat


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					</table><p><a href="https://cleantechsolar.com/" target="_blank" rel="noopener">Cleantech Solar</a>, a provider of solar energy for commercial &amp; industrial customers in India and Southeast Asia, has secured a long-term senior secured loan of ₹6.25 billion (~$75 million) from <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital</a> to expand open access renewable energy projects across India.</p>
<p>Cleantech said the funds will be used for the construction, development, and operation of its under-construction pipeline of open access solar and wind parks. These projects will provide renewable energy directly to corporate consumers under long-term power purchase agreements (PPA).</p>
<p>A part of the drawdown has been done and the balance will be done in 2024 to meet the funding requirements.</p>
<p>The renewable energy generated from these open access projects will enable manufacturing, automotive, FMCG, apparel, industrial equipment, chemical, and other companies to meet their clean energy needs and sustainability commitments.</p>
<p>&#8220;This financing from Tata Capital will expedite the deployment of our open access renewable energy projects in India, delivering sustainable power to leading global corporates,&#8221; said  Sachin Jain, CEO of Cleantech Solar.</p>
<p>Pankaj Sindwani, Chief Business Officer, Cleantech Finance, Tata Capital, said, “This loan facility will facilitate access to affordable green power across corporates from varied sectors and geographies thus meeting their carbon footprint targets.”</p>
<p>Cleantech has a C&amp;I portfolio of 1.2 GW. This includes installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam.</p>
<p>Earlier this year, Cleantech Solar <a href="https://www.mercomindia.com/first-solars-module-facility-procure-renewable-cleantech" target="_blank" rel="noopener">entered</a> into a 15-year captive PPA with photovoltaic modules manufacturer <a href="https://investor.firstsolar.com/overview/default.aspx" target="_blank" rel="noopener">First Solar</a> to set up 150 MW of solar and 16.8 MW of wind power generating projects in Tamil Nadu. These projects will supply about 7.3 GW of clean electricity to First Solar’s new 3.3 GW vertically integrated solar manufacturing facility, also located in Tamil Nadu.</p>
<p>Last year, Cleantech Solar <a href="https://www.mercomindia.com/cleantech-solar-commissions-37-mw-solar-maharashtra" target="_blank" rel="noopener">commissioned</a> a 37 MW solar project in Maharashtra to supply power to a global industrial manufacturing firm through open access under the captive model. The commissioned project was part of the company’s 300 MW solar parks across Maharashtra.</p>


Cleantech Secures ₹6.25 Billion Loan for Open Access Renewable Energy Projects

<p><a href="http://www.sunsure-energy.com/" target="_blank" rel="noopener">Sunsure Energy</a>, a solar turnkey solutions provider, has raised zero-collateral based debt capital worth $2.2 million from TATA Cleantech Capital, L&amp;T Finance, and cKers Finance to be used as working capital to construct solar photovoltaic (PV) projects up to 100 MW in FY 2019.</p>
<p>Sunsure Energy has commissioned over 40 MW of solar projects spread across nine Indian states, according to the company.</p>
<p>According to the Mercom India Rooftop Solar Project Tracker, Sunsure recently commissioned 20 MW of utility solar projects in the state of Karnataka and has installed over 9 MW of rooftop solar PV projects across the country, as of March 31, 2018. The company also has a rooftop project development pipeline of around 3 MW.</p>
<p>&#8220;We are delighted to have highly respected institutions like TATA Cleantech, L&amp;T finance and cKers as partners in our growth story. The current financing structure is more of a purchase order financing which is exactly the kind of capital a project execution company needs. This was not available for companies in the solar construction space without collateral securities. So, we are fortunate to have a first-of-its-kind facility from these institutions which have trusted our execution capabilities&#8221;, Anand Srivastava, the director of corporate development at Sunsure Energy, was quoted as saying in a media statement.</p>
<p>Total corporate funding (including venture capital funding, public market, and debt financing) into the solar sector in Q1 2018 fell by 65 percent quarter-over-quarter (QoQ) to $2.0 billion from the $5.7 billion raised during Q4 2017, according to Mercom Capital Group’s <a href="http://store.mercom.mercomcapital.com/product/q1-2018-solar-funding-and-ma-report/" target="_blank" rel="noopener">Q1 2018 Solar Funding and M&amp;A Report.</a></p>
<p>In a year-over-year (YoY) comparison, it was revealed that Q1 2018 funding was 38 percent below the $3.2 billion raised in Q1 2017.</p>
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