The Indian RE equipment manufacturer signed a deal with the Dalmia Bharat affiliate to establish a 46.87 MWp solar power plant in Karnataka.
On Tuesday, BluPine Energy revealed its power purchase agreement (PPA) with Dalmia Cement (Bharat). The pact concerns a major 46.87 MW solar power project in Karnataka. According to the official statement, the plant is expected to generate about 93.75 million units of electricity per year.
The project aims to reduce almost 85,000 tonnes of carbon dioxide emissions annually. Moreover, it will help reduce manufacturing costs and increase energy efficiency for Dalmia Cement.
Dalmia Cement (Bharat) is set to acquire at least a 26% ownership share in BluPine Energy’s dedicated entity formed for this venture. This initiative will enhance BluPine’s commercial and industrial renewable energy capacity.
However, the exact location of the project was not disclosed by the companies in the release.
BluPine Energy’s CEO, Neerav Nanavaty, expressed that the solar plant in Karnataka would contribute to generating clean energy while stimulating local economic development and promoting environmental sustainability.
Rahul Mishra, BluPine Energy’s Head of C&I sees the partnership as a “validation” of the company’s focus on serving as a partner for commercial and industrial (C&I) consumers. He emphasised their aim to collaborate with stakeholders to facilitate the development of a conducive environment for C&I open-access projects across the country.
This collaboration marks a milestone for BluPine Energy, expanding its renewable capacity to 2.4 GW. This includes 725 MW of operational capacity spread across 27 sites in seven Indian states, including Karnataka and Maharashtra. Recently, the company closed a deal with APL Apollo Building Products to establish a solar power plant of almost 62 MW in Chhattisgarh, further solidifying its position in the domestic renewable energy market.
Supported by an $800 million investment from Actis’ Energy Fund 5, BluPine Energy is focused on further developing its renewable energy portfolio, targeting over 4 GW exclusively within India.
