Argus Partners advises BluPine Energy on ₹1,787 Crore Financing from NaBFID

Argus Partners advised BluPine Energy Private Limited on securing rupee term loan facilities of up to ₹1,787 crore from the National Bank for Financing Infrastructure and Development (NaBFID).

The firm also advised Blupin's 14 direct and indirect special purpose vehicles (SPVs) on this financing deal.

The transaction team consisted of Aseem Dhawan (Partner), Dharani Maddula and Umang Pathak (Associates).

This marks one of the first major forays by NaBFID into green infrastructure lending and is expected to boost BluPine’s goal of developing over 4 GW of renewable capacity by 2027.

BluPine Energy is a leading renewable energy services company established in India by Actis Global. This transaction is particularly significant as it involves 14 operational SPVs across multiple states, with a mix of central and state off-takers. Through this deal, BluPine Energy successfully integrated these SPVs into a restricted group structure, strengthening their credit profile and reducing financing costs.

NaBFID is a government-backed development finance institution established in 2021 with the objective of catalyzing investment in India’s infrastructure sector. Set up under the NaBFID Act, the institution plays a pivotal role in addressing the long-term financing needs of core infrastructure projects, particularly in sectors like energy, transport, logistics, and digital infrastructure. With a focus on both greenfield and brownfield projects, NaBFID aims to bridge the financing gap by offering long-tenure, low-cost capital, and by crowding in private and global investments.

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