British International Investment (BII), the UK’s development finance institution (DFI) is lending $75 million (Rs 660 crore) debt to Blueleaf Energy, an Asia-focused renewable energy platform and independent power producer (IPP) owned by a Macquarie Asset Management managed fund.
The financing facility will support Blueleaf’s continued expansion and investment in renewable energy assets across India, contributing nearly 2GW of installed clean energy capacity to the country, BII said in a statement.
This will include utility-scale solar, wind and energy storage projects that could generate annually over 3.2GWh of clean energy, avoiding approximately 3.1 million tonnes of CO2 emissions, it said
Earlier this year, BII acquired 10% stake in ReNew’s solar unit for Rs 870 crore.
The country currently has over 220GW of installed renewable power capacity, and the government is actively promoting further additions in solar, wind, and battery storage to meet the growing energy demand. The country has a goal of 500GW of non-fossil fuel power capacity by 2030.
“Our partnership with Blueleaf Energy underscores BII’s commitment to accelerating this transition by deploying catalytic capital to scale clean energy. By financing projects that combine scale, innovation, and local execution, we aim to play a leadership role in mobilising private capital into climate finance and fast-tracking India’s decarbonisation journey,” said Shilpa Kumar, managing director and Head of India at BII.
“This financing represents a strong vote of confidence in Blueleaf’s strategy, execution capabilities, and long-term commitment to India’s energy transition,” said Raghuram Natarajan, CEO of Blueleaf Energy.