British International Investment (BII), the UK’s development finance institution and impact investor, has announced the partial syndication of its mezzanine debt investment in Blueleaf Energy to the Emerging Africa & Asia Infrastructure Fund (EAAIF), strengthening financing support for renewable energy development in India.
Under the transaction, EAAIF will acquire a 50% participation in BII’s US$75 million mezzanine debt facility extended to Blueleaf Energy. BII will retain the remaining US$37.5 million stake while continuing to support the renewable energy platform’s expansion and mobilize additional private capital in the future.
The investment will enable Blueleaf Energy to develop 850 MW of greenfield renewable energy capacity in India. The company, a pan-Asian renewable energy platform and independent power producer owned by Macquarie Asset Management, is targeting the development of a 5 GW renewable energy portfolio in India by 2030.
According to BII, the transaction builds on its initial investment in Blueleaf Energy made last year, which demonstrated the viability of mezzanine financing in India’s renewable energy sector. The partnership with EAAIF is expected to attract additional institutional investment into climate infrastructure by addressing financing gaps in the market.
Managed by global investment firm Ninety One, EAAIF focuses on financing climate-resilient infrastructure across emerging markets. The transaction marks the fund’s third renewable energy investment in India and expands its climate infrastructure portfolio in Asia.
Blueleaf Energy’s planned portfolio of utility-scale solar, wind and battery energy storage projects is expected to generate more than 3.2 GWh of renewable electricity annually while avoiding over 3.1 million tonnes of carbon dioxide emissions each year, contributing to India’s clean energy transition and increasing the share of renewable energy in the country’s electricity mix.
The investment comes as India targets a 47% reduction in emissions intensity by 2035, reinforcing the country’s commitment to balancing economic growth with climate action.
Commenting on the transaction, Jenny Chapman, UK Minister for Development, said the partnership demonstrates how British International Investment can catalyze additional private investment into clean energy infrastructure, supporting India’s transition through solar, wind and energy storage projects.
Leslie Maasdorp, Chief Executive Officer of BII, said the deal reflects the institution’s “originate-to-share” strategy under British Climate Partners, enabling BII to deploy capital to unlock projects before attracting institutional investors to scale investments and maximize development impact.
Hendrik du Toit, Founder and Chief Executive Officer of Ninety One, said mobilizing institutional capital is essential for accelerating the energy transition in emerging markets. He added that the partnership demonstrates how development finance institutions and private investors can collaborate to expand renewable energy infrastructure while supporting India’s low-carbon economy.
Philippe Valahu, Chief Executive Officer of the Private Infrastructure Development Group (PIDG), said the transaction would help deepen the pool of capital available for India’s renewable energy sector while supporting scalable climate infrastructure projects with long-term impact.
BII said it will continue working with Blueleaf Energy to support its growth strategy while seeking opportunities to mobilize additional private investment into India’s renewable energy sector.
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