BluPine Energy secures Rs 1,787 cr funding from NaBFID

BluPine Energy on Tuesday said it has secured Rs 1,787 crore in funding from the National Bank for Financing Infrastructure and Development (NaBFID).

The collaboration with NaBFID will help in lowering debt servicing costs, improving cash flow, and enabling financial flexibility, BluPine said in a statement.

"BluPine Energy has successfully closed a structured financing deal of Rs 1,787 crore with NaBFID to strengthen renewable energy portfolio," it said.

The funds will be deployed towards repowering existing solar assets, enhancing their efficiency and operational effectiveness, the company added.

The financing will drive long-term portfolio expansion, improving the internal rate of return (IRR) and supporting BluPine Energy's sustainability goals.

BluPine Energy CEO Neerav Nanavaty said, "This transaction strengthens our financial foundation, allowing us to scale operations while contributing to India's renewable energy goals".

BluPine Energy is a leading renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies.