Blueleaf secures $75 mn funding from British International Investment

NEW DELHI: British International Investment (BII) has committed a $75 million financing facility to Macquarie-owned Blueleaf Energy to help expand its renewable energy capacity in India.

The agreement, 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 nearly 2 gigawatts (GW) of installed clean energy capacity. The projects, spanning utility-scale solar, wind and energy storage, are expected to help avoid around 3.1 million tonnes of carbon dioxide emissions.

“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 deploying catalytic capital to scale clean energy,” said Shilpa Kumar, managing director and head of India at BII.

Kumar added that by backing projects that combine scale, innovation, and local execution, the UK-based development finance institution aims to play a leading role in mobilizing private capital into climate finance and advancing India’s decarbonization goals.

Raghuram Natarajan, chief executive officer 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 investment aligns closely with our ambition to accelerate clean energy deployment in India and beyond.”

The investment comes as India works toward its target of achieving 500 GW of non-fossil fuel capacity by 2030. The country currently has over 220 GW of installed renewable power capacity.

Owned by a fund managed by Macquarie Asset Management, Blueleaf Energy operates across Southeast Asia, India, Taiwan, and Japan, with a development pipeline of more than 4.5 GW in generation assets and nearly 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% of its new commitments by value are earmarked for climate finance, with up to $1 billion pledged for 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.