A structured finance agreement worth Rs 1,787 crore has been finalized between BluPine Energy, a renewable energy services provider supported by international infrastructure investor Actis, and the National Bank for Finance Infrastructure and Development (NaBFID).

A structured agreement with a restricted group of 14 Special Purpose Vehicles (SPVs) dispersed throughout Punjab, Uttarakhand, and Karnataka forms the basis of the transaction. Projects having both central and state off-takers are included in the SPVs. According to BluPine Energy, the finance agreement seeks to provide financial flexibility, enhance operational effectiveness, and optimize financial structuring, enhancing cash flow.

According to BluPine Energy, the finance agreement seeks to provide financial flexibility, enhance operational effectiveness, and optimize financial structuring. It is also anticipated that the partnership will enhance cash flow and lower debt service expenses. BluPine Energy CEO, Neerav Nanavaty said the company was thrilled to collaborate with NaBFID on this significant funding milestone. By strengthening their financial base, the deal enables them to expand their business and support India's renewable energy objectives. They are grateful for the partners' and stakeholders' steadfast support, which was crucial to their success.

According to Rajkiran Rai G, Managing Director of NaBFID, the organization believes that India's long-term energy security and sustainability rely on the utilization of renewable resources as the worldwide shift towards sustainable energy takes traction. It is believed that by working together with BluPine, great progress in the renewable energy industry will be made, spurring new ideas and establishing standards for years to come.

This deal has been organized to promote India's transition to renewable energy by NaBFID, which was founded to provide long-term infrastructure finance in India.