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BluPine Energy Signs PPA with Dalmia Cements for 46.8 MW Solar Project in Karnataka

This venture aims to generate approximately 93 million units of power annually and reduce over 85,000 tonnes of CO2 emissions each year.

June 12, 2024. By Abha Rustagi

BluPine Energy has announced the signing of a power purchase agreement (PPA) with Dalmia Cements Limited (Bharat) for the development of a 46.8 MWp solar project in Karnataka.

This venture aims to generate approximately 93 million units of power annually and reduce over 85,000 tonnes of CO2 emissions each year. Dalmia Cement (Bharat) Limited will own a minimum of 26 percent equity stake in the SPV of BluPine Energy specially incorporated for this project, boosting BluPine’s C&I capacity to over 400 MW, with an aim of reaching 1000 MW soon.

Neerav Nanavaty, CEO of BluPine Energy, highlighted the importance of this collaboration, stating, "The 47MWp solar plant in Karnataka will not only produce clean energy but also foster local economic growth and support environmental sustainability by offsetting over 85 thousand tonnes of CO2 emissions annually. This project will help reduce operating costs and improve energy efficiency. With this partnership, we plan to expand renewable energy in India and contributing to a more sustainable future."

Rahul Mishra, Head of C&I at BluPine Energy, expressed enthusiasm about the collaboration stating, "This partnership exemplifies the growing demand for sustainable energy solutions in the C&I sector. Our collaboration with Dalmia Cements will set the stage for more such initiatives, contributing to India's renewable energy targets. By integrating renewable energy into their operations, Dalmia Cement is demonstrating leadership in sustainable practices, and we are proud to support them in this journey."

The addition of this project brings BluPine Energy's total renewables capacity to 2.4 GW, including approximately 400 MW of C&I projects in various stages of development across Karnataka, Maharashtra, and Chhattisgarh.

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Power purchase agreement (PPA)

PPA

SPV

Special purpose vehicles

Rahul Mishra

Solar power project

Solar energy