BluPine Energy Secures Significant Funding Boost from NaBFID

BluPine Energy has secured Rs 1,787 crore funding from NaBFID. This deal aims to lower debt costs, enhance cash flow, and provide financial flexibility. The funds will be used to improve solar assets and support long-term portfolio growth, aligning with India's renewable energy goals.

BluPine Energy announced on Tuesday that it has received major financial backing of Rs 1,787 crore from the National Bank for Financing Infrastructure and Development (NaBFID). This critical funding aims to lower BluPine's debt servicing costs, improve cash flows, and provide greater financial flexibility, according to a company statement.

The renewable energy company detailed plans to use the funds to repower and enhance the efficiency of its existing solar assets. The structured financing deal, which has been successfully closed, is projected to boost BluPine's internal rate of return (IRR) and support long-term portfolio expansion.

Speaking on the development, BluPine Energy CEO Neerav Nanavaty stated that this strategic transaction solidifies the company's financial foundation. It enables BluPine to scale operations effectively while contributing to India's push towards achieving its renewable energy targets. BluPine Energy, established by global investor Actis, specializes in renewable energy services in India.

(With inputs from agencies.)