Blueleaf secures $75 mn funding from British International Investment
NEW DELHI: British International Investment (BII) has provided a $75 million financing facility to Macquarie-owned Blueleaf Energy to help expand renewable energy capacity in India.
The deal signed on Wednesday includes a mix of equity, debt and mezzanine financing, the two firms said in a joint statement.
The facility will support Blueleaf’s continued expansion and investment in renewable energy assets across India, contributing to approximately 2 gigawatts (GW) of installed clean energy capacity. Projects involving grid-scale solar, wind and energy storage are expected to help avoid approximately 3.1 million tonnes of carbon dioxide emissions.
Shilpa Kumar, Managing Director and President, BII India, said: “India’s renewable energy ambition is driving a significant transformation and is both a national priority and a global opportunity. Our partnership with Blueleaf Energy underscores BII’s commitment to accelerating this transition by leveraging catalytic capital to scale clean energy.”
Kumar added that the UK-based development finance institution aims to play a leading role in mobilizing private capital into climate finance and advancing India’s decarbonisation goals by supporting projects that combine scale, innovation and local implementation.
Raghuram Natarajan, CEO of Blueleaf Energy, said: “This financing represents a strong vote of confidence in Blueleaf’s strategy, execution capabilities and long-term commitment to India’s energy transition. We are pleased to partner with BII, whose long-standing focus on sustainable infrastructure investments aligns closely with our ambition to accelerate clean energy deployment in India and beyond.”
The investment comes as India works towards its target of reaching 500 GW of non-fossil fuel capacity by 2030. The country currently has over 220 GW of installed renewable energy capacity.
Blueleaf Energy, owned by a fund managed by Macquarie Asset Management, operates in Southeast Asia, India, Taiwan and Japan, with a development pipeline that includes over 4.5 GW of generation assets and approximately 3 gigawatt-hours (GWh) of storage projects.
BII, the UK government’s development finance institution, invests in businesses in developing countries to improve lives and protect the planet. Between 2022 and 2026, at least 30 percent of its new commitments by value are allocated to climate finance, with up to $1 billion committed to India over the same period.
In May, BII announced a $100 million investment in Nasdaq-listed ReNew’s solar manufacturing arm, ReNew Photovoltaics Pvt. Ltd.
