BluPine Energy Plans to Develop 4 GW Renewable Energy Assets in Five Years

Renewable energy leader BluPine Energy has set its sights on generating 4 gigawatts (GW) of solar and wind power, complemented by hybrid assets with battery energy storage (BES), within the next five years in India.

Speaking to businessline, BluPine Energy CEO Neerav Nanavaty outlined the company's ambitious strategy, stating, "In our case, the fund (Actis) is $5.5 billion globally, of which $800 million is allocated to BluPine. The focus is exclusively on renewable assets, exclusively in India."

Backed by global infrastructure investor Actis, BluPine Energy plans to expand its renewable energy capacities through both organic growth and strategic acquisitions. The company has already acquired 400 megawatts (MW) of solar power capacity from the Atha Group and is in advanced negotiations to secure an additional 400 MW.

Actis, known for creating and monetizing RE independent power producers (IPPs) such as Ostro Energy and Sprng Energy for approximately $3 billion, has allocated $800 million to BluPine Energy, surpassing the combined investment in both IPPs.

BluPine Energy's organic expansion efforts include developing 650 MW of assets in Gujarat, 150 MW in Rajasthan, and winning a tender for 150 MW of wind, solar, and battery storage in Karnataka.

Currently, BluPine Energy has around 1.35 GW of project capacities under implementation, including recently secured tenders of 300 MW and 100 MW from SJVN and Gujarat Urja Vikas Nigam (GUVNL) respectively.

Nanavaty emphasized the company's focus on commercial and industrial (C&I) sectors, with plans to scale up capacity to 750-1,000 MW across Karnataka, Tamil Nadu, Maharashtra, and Chhattisgarh.

Regarding the composition of BluPine Energy's portfolio, Nanavaty highlighted the company's plans to expand both wind and solar capacities, with solar expected to constitute the largest segment, reaching approximately 2 GW.

In terms of timeline, Nanavaty projected a deployment period of 6-7 years to achieve the 4 GW target, attributing the longer cycle to the substantial capital deployment and the competitive nature of the market.

Regarding acquisitions, Nanavaty stated that BluPine Energy is actively scouting for distressed portfolios or

assets where renewable energy is not the primary focus, citing the acquisition of Atha Group's solar capacity as an example.

Emphasizing the company's commitment to greenfield projects, Nanavaty asserted, "That's where our bread and butter is."

HBL