Singapore-based Blueleaf Energy, a renewable energy platform owned by Australian firm Macquarie Asset Management, has teamed up with India’s Jakson Energy for three solar power projects with total generation capacity of 1 GW.
The total debt and equity investment in the three projects, located in Rajasthan, will be $400 million (Rs 3,400 crore), the two companies said in a statement. The three projects are likely to be commissioned in 2025-26.
Blueleaf and Jakson Greeen will focus on jointly developing and building gigawatt-scale green energy projects in India.
They aim to set up more than 5 GW of renewable capacity in India by 2030, the companies said.
The development comes at a time when Blueleaf is reportedly looking to sell Vibrant Energy and Stride Climate, its existing renewable energy platforms in India.
“This is our second large-scale renewable energy initiative in the past six months in India; the first being the hybrid wind and solar 200-MW Pachora Hybrid Power Project, due to be commissioned this year,” said Pratyush Thakur, country head of Blueleaf Energy in India.
Jakson Green also said that it has secured credit facilities of $34 million (Rs 296 crore) from First Abu Dhabi Bank and $7 million (Rs 60 crore) from HSBC to support its domestic and international engineering and construction operations.
EY was the exclusive banker to Jakson Green for the entire transaction.
Jakson Green is headquartered in Noida and is part of the Jakson Group. It has a solar engineering and construction portfolio exceeding 5GWp globally, 4GWp of renewable projects under operations and maintenance contracts, and over 1GWp of assets under development.
Founded in 2022, the company is also building green molecules plants and expanding into the biofuels business.
Blueleaf is a pan-Asian renewable energy platform that develops, finances, owns and operates renewables and storage assets to accelerate energy transition towards net-zero.
It has a development pipeline of solar, wind and storage projects of over 4 GW. In the past, it has developed and built 2 GW of capacity globally, which includes over 500 MW in Asia-Pacific.