Blueleaf Energy Achieves Financial Close for 200 MW Hybrid Wind-Solar Power Plant in India

Blueleaf Energy, a leading pan-Asian renewable energy platform backed by a Macquarie Asset Management-managed fund, has announced the financial close for its 200-megawatt (MW) wind-solar hybrid power plant in Madhya Pradesh, India.

The project has secured approximately USD 170 million in financing from Axis Bank, a prominent private sector bank in India. The Pachora Hybrid Power Project will be developed, owned, and operated by Blueleaf Energy, with commercial operations expected to commence in 2025. The plant is projected to generate over 600 gigawatt-hours (GWh) of energy annually, enough to power around 110,000 Indian households with clean, renewable energy.

Pratyush Thakur, Blueleaf Energy’s India Country Head, stated, “The Pachora Hybrid Power Project will mark Blueleaf’s first utility-scale venture in India. The project’s offtake is innovatively structured, separating environmental and energy components. International Renewable Energy Certificates (I-RECs) will be provided to a major international tech company, while the energy itself will be supplied to a leading Indian power trader.”

Raghuram Natarajan, CEO of Blueleaf Energy, added, “Our commitment is to advance innovative renewable energy projects across Asia. The Pachora Hybrid Power Project, combining solar and wind generation, will produce renewable energy around the clock, enhance system efficiency, and reduce the need for grid expansion. This approach lowers carbon emissions and the levelized cost of energy (LCOE), offering a cost-effective model for decarbonizing the Indian grid.”

Ganesh Sankaran, Group Executive and Head of Wholesale Banking Coverage Group at Axis Bank, commented, “We are pleased to support Blueleaf Energy on its first greenfield 200 MW wind-solar hybrid project in India. This partnership underscores our commitment to the UN Sustainability Development Goals for 2030 and supports India’s transition to a green economy. We are dedicated to advancing business activities that align with SDGs and climate action.”

Blueleaf Energy aims to contribute to India’s energy transition with a goal of developing over 5 GW of renewable energy projects by 2030, helping the country achieve its target of 500 GW of renewable energy capacity by the same year.