Long-term value creation in India’s renewables space

India

Neerav Nanavaty, CEO of BluPine Energy, talks to The Energy Year about the growing importance of hybrid renewable projects in India’s renewable energy space and strategies to extract efficiency from generation assets post-launch.

BluPine Energy is a private-equity-funded platform created to develop 4 GW of utility-scale renewables projects in India.

• Policies that support India’s target of reaching 500 GW of non-fossil generation capacity by 2030 have encouraged a diverse range of investors to enter the renewables sector, including sovereign wealth funds, private equity firms and specialised infrastructure investors.
• India has developed robust manufacturing capabilities and supply chains in solar, and domestic companies are gaining ground on foreign manufacturers in wind. Capability gaps still exist in battery storage.
• Since most renewables projects in India sell power at fixed tariffs under long-term PPAs, operational efficiency and asset management are key to generating long-term value for investors.

Which projects stand out as the most emblematic of BluPine’s growth?
Since our launch in 2021, BluPine has developed a portfolio of around 40 renewable energy projects across more than 10 states in India, including operational assets and projects under construction.
Our projects range from 50 MW to 300 MW and are carefully designed to align with local geography and evolving power demand patterns. Our portfolio combines solar, wind, hybrid and battery storage to deliver dispatchable and reliable green power. This integrated approach is increasingly critical as large power consumers require round-the-clock renewable energy.
A strong example is our 150-MW FDRE [Firm Dispatchable Renewable Energy] project in Karnataka, awarded by SJVN Green Energy. It integrates solar, wind and battery storage at a single site, and is supported by advanced control systems to synchronise multiple generation sources. While technically complex, this hybrid model significantly improves power reliability and yield, ensuring a stable supply even during periods when solar generation drops or wind output fluctuates.

How much generation capacity does your portfolio represent today, and do you see room for growth?
BluPine has built more than 1.6 GW of operational renewable energy capacity. In addition, we have more than 1 GW currently under construction, plus a multi-gigawatt pipeline of projects under development across multiple states in India, with land and grid connectivity secured.
India’s renewable energy market is highly competitive but also vast and expanding. The government’s target of 500 GW of non-fossil capacity by 2030 has driven significant participation, with stakeholders ranging from sovereign wealth funds and large infrastructure investors to IPPs backed by private equity.
The coexistence of established players and agile, fast-growing platforms makes the Indian market particularly dynamic. Many private equity-backed renewable platforms are built with long-term value creation and eventual scale exits in mind, with early investors transferring their stakes to long-term infrastructure funds or strategic investors. This process adds new capacity while supporting consolidation and scale across the sector.
There are sufficient central and state-level tenders for credible developers to participate. At BluPine, we remain disciplined and do not pursue every auction. If bidding becomes overly aggressive, we step aside. However, when projects are well de-risked with land secured and grid connectivity in place, we are well-positioned to bid competitively and execute efficiently.

How are you financing your growth?
We have USD 800 million in equity from our private equity investors and approximately USD 200 million in internal accruals, giving us around USD 1 billion in total equity. In India, project finance typically follows a 75-25 debt-to-equity ratio, so with USD 1 billion in equity, we can raise approximately USD 3 billion in debt for a total capital pool of USD 4 billion to execute our pipeline.
Each project is financed on a non-recourse basis, meaning lenders evaluate and fund individual projects based on their fundamentals, including land, permits, PPAs [power purchase agreements] and financial viability. For the Karnataka project, we secured a multi-billion-rupee debt package from a consortium of domestic and international banks.

What is the scope of your participation once projects are operational?
Our philosophy centres on continuous optimisation and maximising asset performance throughout the lifecycle of each project. Once capital is deployed, the focus shifts to ensuring that our assets operate reliably, efficiently and sustainably over the long term.
BluPine has dedicated in-house operations and maintenance teams that leverage technologies such as robotic panel cleaning, predictive maintenance tools and inspection drones to maintain high plant performance and minimise downtime. At the same time, our ESG teams work closely with operations to ensure that environmental and social considerations are embedded into day-to-day project management.
Operational optimisation also includes continuously evaluating opportunities to enhance yield from existing infrastructure. For instance, where transmission infrastructure has been built for a 100-MW plant, adding incremental capacity nearby can improve utilisation and reduce per-unit costs. Our teams regularly assess such repowering or optimisation opportunities across the portfolio.
This disciplined focus on operational excellence is critical because most of our projects operate under long-term PPAs with fixed tariffs. As a result, sustained operational efficiency and robust asset management are key levers for creating long-term value.

Can domestic supply chains adequately meet your equipment requirements?
A few years ago, most solar modules deployed in India were imported from China. Today, thanks to supportive government policies and stronger domestic manufacturing, most of our panels are sourced locally. We work with leading domestic suppliers.
On the wind side, Indian manufacturers are increasingly growing their share of supply. Capability gaps still exist in battery manufacturing, and for now, there is heavy reliance on Chinese suppliers. However, I expect India to build a robust domestic battery ecosystem within the next five years, which will be critical to scaling hybrid renewable systems and achieving long-term energy independence.

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