Tata Capital has committed Rs 239 crore in funding to BluPine Energy for the development of a solar power project in Chhattisgarh. Announced on Monday, this financial assistance will support the construction and operation of a 75-megawatt (MW) solar facility.

The project, expected to generate approximately 117 million units of electricity annually, is a significant step towards reducing carbon dioxide emissions by over 107,000 tonnes each year. This collaboration highlights Tata Capital's role in promoting sustainable energy initiatives in India.

As the flagship financial services company of the Tata Group, Tata Capital operates as a non-banking financial company (NBFC) and plays a critical role in financing infrastructure projects. The Rs 239 crore funding, facilitated by a banking consortium led by Tata Capital, marks the successful financial closure of BluPine Energy's solar project.

BluPine Energy's CFO, Sanjeev Bhatia, emphasized the importance of this investment in driving the company's sustainability goals. "Securing debt financing from Tata Capital is a major achievement for our 75 MW solar project and aligns with our commitment to achieving net zero emissions," Bhatia remarked.

Rahul Mishra, Head of BluPine Energy’s Commercial and Industrial (C&I) division, acknowledged the pivotal role of Tata Capital and other stakeholders in supporting the project. "With this financial backing, we are well-positioned to expand our capacity beyond the current 550 MW towards our goal of 1000 MW, furthering our mission to deliver clean energy solutions," Mishra stated.