Indian company BluPine Energy entered a power purchase agreement (PPA) with APL Apollo Building Products for a 61.65 MW solar facility in Chhattisgarh.
BluPine Energy, a Gurugram-based provider of renewable energy services, announced on Monday about a deal for a new project. It has entered into a Power Purchase Agreement with APL Apollo Building Products, an affiliate fully owned by APL Apollo Tubes. This collaboration involves APL Apollo Building Products joining in a 61.65 MW solar initiative in Chhattisgarh.
According to BluPine Energy’s statement, this new facility is expected to produce approximately 94.5 million units (MUs) of electricity per year, effectively mitigating over 87,000 tonnes of CO2 emissions annually.
The project aims to cut operational expenses and boost energy efficiency for APL Apollo Building Products. Alongside other off-takers, it will hold a 26% stake in BluPine Energy’s Special Purpose Vehicle (SPV) for this venture.
The endeavour boosts BluPine Energy’s commercial and industrial potential to nearly 400 MW, aiming to achieve 1000 MW in the future.
Neerav Nanavaty, the CEO of BluPine Energy, mentioned that the collaboration represents a significant step forward for the company. He added that the construction of the solar facility in Chhattisgarh aligns with their objective of expanding the renewable energy portfolio and advocating environmental responsibility.
Harsh Agarwal, a senior official from APL Apollo, remarked to the Economic Times that this collaboration emphasises their commitment to sustainable solutions and a greener future.
In February 2024, BluPine Energy expanded its portfolio by signing an Energy Supply Agreement (ESA) with a prominent global data centre operator. This agreement involves a project comprising 150 MW of solar power coupled with a 70 MWh battery Energy Storage System (BESS). This development elevated BluPine Energy’s total renewable capacity to 2.4 GW.
The company currently boasts 730 MW of operational capacity spread across 27 sites in seven Indian states. This collaboration underscores BluPine Energy’s focus on sustainable energy practices, solidifying its role as a player in India’s renewable energy sector.
