BII and Blueleaf Energy to accelerate Asia’s energy transition with $75 million investment in India

Signing ceremony between Blueleaf Energy and BII to mark their new partnership was held in Singapore at the British High Commissioner’s residence, Eden Hall. The agreement was signed (L-R) by Raghuram Natarajan (Blueleaf Energy CEO) and Rohit Anand (BII MD, Head of Asia Infrastructure and Climate Direct Investment) and witnessed by Sarah Love (FCDO), Vineet Mohan (Macquarie Asset Management Green Investment MD), Nikesh Mehta (British High Commissioner to Singapore), Srini Nagarajan (BII MD, Head of Asia) and Anand Prakash (Blueleaf Energy Chief Investment Officer).

• The investment will support nearly 2GW of utility-scale solar, wind, and energy storage capacity in India.
• This partnership supports India’s goal of achieving 500GW of non-fossil fuel-based power capacity by 2030.
• Both parties are exploring opportunities in South-East Asia to expand their climate action impact at scale.

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has partnered with Blueleaf Energy, a leading pan-Asian renewable energy platform and independent power producer (IPP) owned by a Macquarie Asset Management managed fund. Today, the parties announced a landmark agreement to accelerate clean energy infrastructure development in India and signalled their intent to expand the collaboration into South-East Asia.

BII is providing a $75 million USD financing facility to Blueleaf Energy. 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 nation. 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.

This significant commitment arrives at a pivotal time, directly supporting Blueleaf Energy’s expansion in India as the nation races toward its goal of 500GW of non-fossil fuel power capacity by 2030. The partnership in India will act as a foundation for future collaboration in South-East Asia, supporting Blueleaf Energy’s target of delivering 10GW of installed capacity across Asia.

British High Commissioner to Singapore, Nik Mehta, said: “The UK has long been committed to supporting sustainable development in Asia, and this partnership between British International Investment and Blueleaf Energy is the latest example of that commitment in action. This investment will accelerate India’s renewable energy ambitions while strengthening the foundations for clean energy growth in other markets. It’s exactly the kind of ambitious, scalable climate action we need to achieve our shared climate goals.”

“As the UK’s DFI, we’re committed to accelerating the clean energy and climate resilient transition across South and South-East Asia. Our focus is on investments that de-risk projects, demonstrate viability and encourage market participation to mobilise private capital into climate finance. Our support to Blueleaf exemplifies this approach, reflecting our shared vision to advance energy transition in India and other emerging markets in Asia,” said Srini Nagarajan, Managing Director, Head of Asia 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, Chief Executive Officer of Blueleaf Energy. “We are pleased to partner with BII, whose long-standing focus on sustainable infrastructure investment aligns closely with our own ambition to accelerate clean energy deployment in Asia.”