BluPine Energy Private Limited: JSA Advocates & Solicitors has advised on a greenfield project financing of approximately ₹2,416.6 crore ($290.53 million) for a 150 MW firm and dispatchable renewable energy (FDRE) project being developed by BluPine Energy Private Limited in Karnataka.
The financing has been secured by Solarcraft Power India 16 Private Limited, a special purpose vehicle wholly owned by BluPine Energy. The funds will be utilised for the financing, construction and operation of the project, which will be set up at Aland in Karnataka.
The FDRE project will comprise a hybrid combination of solar power, wind power and a battery energy storage system (BESS), designed to deliver firm and dispatchable renewable energy. Solarcraft has executed a long-term power purchase agreement (PPA) with SJVN Limited for the offtake of power from the project.
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JSA acted as lender’s counsel, advising the mandated lead arranger bank and other members of the lender syndicate in connection with the transaction. The JSA transaction team was led by partner Tirthankar Datta, with support from principal associate Sagar Srivastava and associate Vedant Saraf.
The firm’s projects and infrastructure legal due diligence was handled by partner M. Arun Kumar, along with senior associates Ahona Pal and Harshit Manaktala, and associates Bhavesh Gupta and Gaurav Prathik G.
The transaction highlights continued momentum in India’s renewable energy sector, particularly in hybrid and storage-backed projects aimed at ensuring round-the-clock availability of clean power.
