BluPine Energy Signs PPA with APL Apollo Group for 61.65 MW Solar Plant

BluPine Energy announced on Monday that it has signed a Power Purchase Agreement (PPA) with APL Apollo Building Products for the establishment of a 61.65 MW solar plant in Chhattisgarh. APL Apollo Building Products, a subsidiary of structural steel tubes and pipes manufacturer APL Apollo Tubes, will hold a 26 percent stake in the Special Purpose Vehicle (SPV) of BluPine Energy for this project under the group captive structure.

This agreement boosts BluPine’s commercial and industrial (C&I) capacity to approximately 400 MW, with an ambitious target of reaching 1,000 MW soon, as stated by the renewable energy services company established in India by global infrastructure investor Actis.

The new solar plant is expected to generate around 94.5 million units (MU) of electricity annually, enough to power 79,000 households and offset over 87,000 tonnes of CO2 emissions each year. This initiative aims to significantly reduce operating costs and enhance energy efficiency.

With this latest partnership, BluPine Energy’s total renewable capacity has grown to 2.4 gigawatts (GW), which includes 730 MW of operational capacity across 27 sites in seven states.

BluPine Energy CEO Neerav Nanavaty commented, “As we expand our renewable energy portfolio and promote local economic growth and environmental responsibility, we propose to construct a 61.65 MW solar facility in Chhattisgarh. With this agreement, we can further our dedication to offering innovative and sustainable energy solutions that benefit both our partners and the environment.”

Harsh Agarwal, a senior official from APL Apollo, added, “Through the signing of this PPA and the construction of a solar facility in Chhattisgarh, India is moving closer to a more environmentally friendly future. By working together, we can improve the environment and benefit everyone.”

BluPine Energy’s portfolio expansion also includes a recent Energy Supply Agreement (ESA) signed in February 2024 with a global leader in data centre operations. This open access project features 150 MW of solar power integrated with a 70 MWhr Battery Energy Storage System (BESS).

HBL