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					</table><p>Independent power producer <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a> has secured ₹20.39 billion (~$245.7 million) in debt financing from a consortium of domestic and global financial institutions to fund the development of its upcoming renewable energy projects.</p>
<p>The financing has been secured from the National Bank for Financing Infrastructure and Development (<a href="https://nabfid.org/" target="_blank" rel="noopener">NaBFID</a>), <a href="https://www.hsbc.com/" target="_blank" rel="noopener">HSBC Bank</a>, <a href="https://www.dbs.bank.in/in/index/default.page" target="_blank" rel="noopener">DBS Bank India</a>, <a href="https://international.barclays.com/" target="_blank" rel="noopener">Barclays Bank</a>, and Aseem Infrastructure Finance (<a href="https://aseeminfra.in/" target="_blank" rel="noopener">AIFL</a>).</p>
<p>NaBFID has extended ₹5.66 billion (~$68.2 million) towards the construction of the 90 MW Juniper Green Kite Wind Power Project located in Gujarat.</p>
<p>HSBC Bank has provided ₹4.08 billion (~$49.2 million) in debt financing for the 75 MW Juniper Green Beam Eight Solar-Wind Hybrid Power Project in Maharashtra, which is also currently under construction.</p>
<p>DBS Bank India and Barclays Bank have approved medium-term debt of ₹3 billion (~$36.1 million) and ₹2.5 billion (~$30.1 million), respectively, with a tenor of three years.</p>
<p>Separately, AIFL has provided long-term debt of ₹5.15 billion (~$62 million) for the 75 MW Juniper Green ETA Five Solar-Wind Hybrid Power Project in Maharashtra.</p>
<p>In addition to the fund-based debt, the company has expanded its non-fund-based credit limits with Federal Bank and Axis Bank.</p>
<p>The latest fundraise follows Juniper Green Energy’s ₹17.39 billion (~$209.5 million) debt financing secured in August 2025 from the Indian Renewable Energy Development Agency (IREDA).</p>
<p>Juniper Green has a total portfolio comprising approximately 10 GW of utility-scale solar, wind, and hybrid projects across India, of which 1.3 GW is operational, 3.8 GW is contracted projects under construction, and 4.8 GW is awarded projects under construction.</p>
<p>In October 2025, Juniper Green <a href="https://www.mercomindia.com/juniper-green-energy-commissions-64-mw-renewable-energy-projects" target="_blank" rel="noopener">announced</a> the commissioning of 64 MW of new renewable energy capacity across two projects in Gujarat and Maharashtra.</p>
<p>In the same month, Juniper Green Energy’s subsidiary, Juniper Green Sigma Eight, <a href="https://www.mercomindia.com/juniper-green-signs-ppa-with-tata-power-fdre-project" target="_blank" rel="noopener">signed</a> a power purchase agreement with TATA Power Company for a 70 MW firm-and-dispatchable renewable energy project.</p>


Juniper Green Raises ₹20 Billion Debt Funding for Renewable Energy Projects


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					</table><p>Gurugram-based renewable energy services company <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a> has secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development (<a href="https://nabfid.org/" target="_blank" rel="noopener">NaBFID</a>).</p>
<p>The transaction is structured around creating a restricted group of 14 special purpose vehicles spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.</p>
<p>BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company also seeks to utilize the funding to reduce debt servicing costs, enhance cash flow, and achieve greater financial flexibility.</p>
<p>The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness. This initiative targets helping the company optimize its renewable energy output while ensuring long-term sustainability.</p>
<p>The financing is also expected to help improve BluPine Energy’s internal rate of return and support its sustainability objectives.</p>
<p>The company aims to leverage the structured financing to enhance its operations’ financial health while scaling its renewable energy footprint across India.</p>
<p>Neerav Nanavaty, CEO, BluPine Energy, stated that the partnership with NaBFID will strengthen the company’s financial foundation, enabling it to scale its operations while contributing to India’s renewable energy targets. BluPine Energy was established in India with an investment of $800 million from Actis’ Energy Fund 5 and is developing a renewable energy portfolio of over 4 GW exclusively in India.</p>
<p>In August 2024, BluPine was among the <a href="https://www.mercomindia.com/sael-ntpc-blupine-win-seci-solar-auction" target="_blank" rel="noopener">winners</a> in Solar Energy Corporation of India’s auction to set up 1.2 GW of interstate transmission system-connected solar power projects across India under Tranche XVI on a build, own, and operate basis.</p>
<p>In July 2024, BluPine Energy <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B92-39-billion-from-tata-capital" target="_blank" rel="noopener">secured</a> funding of ₹2.39 billion (~$ 28.54 million) from Tata Capital. The funding will be utilized for a 75 MW solar power project in Chhattisgarh.</p>


BluPine Energy Secures ₹17.87 Billion from NaBFID for Renewables Expansion


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					</table><p><a href="https://avaadaenergy.com/about-us/" target="_blank" rel="noopener">Avaada Energy</a> has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (<a href="https://www.nabfid.org/" target="_blank" rel="noopener">NaBFID</a>) for four inter-state transmission system (ISTS)-connected solar projects with a combined capacity of 1.7 GW in Rajasthan.</p>
<p>The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.</p>
<p>The structure has been rated as ‘AA (Stable)’ by CareEdge Ratings.</p>
<p>“We have achieved a major milestone by refinancing four of our largest operating assets in Rajasthan. These assets have been operational for approximately two years. This is one of the largest transactions ever conducted in India’s renewable energy market. It allows us to pay off existing lenders and welcome NaBFID as the new single lender. This accomplishment underscores the keen interest of financial institutions in supporting renewable energy projects that offer stable, long-term cash flows. Securing a better interest rate for operational assets further strengthens our bottom line while delivering value to all stakeholders,” said Vineet Mittal, Chairman of Avaada Group.</p>
<p>Avaada Energy was among the winners of NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche II) across India. Avaada was <a href="https://www.mercomindia.com/ntpc-tranche-ii-solar-auction/" target="_blank" rel="noopener">awarded</a> 500 MW out of the 750 MW quoted capacity at a tariff of ₹2.6 (~$0.0313)/kWh.</p>
<p>Avaada Energy was also a <a href="https://www.mercomindia.com/ntpc-win-seci-solar-tranche-xvi-auction/" target="_blank" rel="noopener">winner</a> in the Solar Energy Corporation of India’s auction to set up 1,500 MW ISTS-connected solar power projects in India under Tranche XIV. Avaada quoted the lowest tariff of ₹2.57 (~$0.0310)/kWh to win 300 MW.</p>
<p>Last April, Avaada Group <a href="https://www.mercomindia.com/avaada-raises-1-billion-from-brookfield-for-green-hydrogen-foray/" target="_blank" rel="noopener">raised</a> $1.07 billion from Brookfield Renewable to support its green hydrogen and green ammonia projects in India. The funding is part of the company’s ongoing plan to raise $1.3 billion.</p>
<p>Avaada Energy was the top utility-scale solar project developer in 2022, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2023</a>.</p>


Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

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