Renewable energy platform BluPine raises Rs.5,400-Cr loan

Gurugram-headquartered BluPine Energy , a renewable energy platform backed by London-headquartered private equity firm Actis, has secured a INR 5,400 crore long-term loan underwritten by Axis Bank. The facility has a tenor of 16-20 years and carries an interest rate of about 7.7%.The loan is secured against Blu-Pine Energy’s portfolio of 17 renewable energy special purpose vehicles (SPVs), giving lenders recourse to operating solar and wind assets backed by long-term power purchase agreements. The SPVs include Solarcraft Power India 3, Solarcraft Cleantech and Solarcraft TN1. BluPine Energy has an operating capacity of 1,426 megawatt-peak, with an additional 26 MW under construction. All 17 SPVs are ultimately held by Actis through BluPine Energy.