Innovative hybrid power plant will be first utility-scale project developed by Blueleaf in India.

• Pachora Hybrid Power Project has reached financial close with Axis Bank, one of India’s leading private sector banks.
• International Renewable Energy Certificates (I-RECs) contracted with a large international technology company.
• Power purchase agreement (PPA) secured with one of India’s leading power traders.

7 August 2024, Bangalore, India – Blueleaf Energy, a leading pan-Asian renewable energy platform owned by a Macquarie Asset Management managed fund, today announced the financial close of its 200-megawatt (MW) wind-solar hybrid power plant under development in Madhya Pradesh, India.

Blueleaf has secured project financing of approximately USD 170 million from Axis Bank, a leading private sector bank in India, for the project, which has secured grid access at the Pachora Inter State Transmission System (ISTS) substation. The Pachora Hybrid Power Project, will be built, owned, and operated by Blueleaf Energy and is anticipated to achieve commercial operation in 2025. The Pachora Hybrid Power Project is projected to produce over 600 gigawatt hours (GWh) of energy a year, the equivalent of supplying clean, renewable energy to approximately 550,000 Indian households*.

Blueleaf Energy India Country Head, Pratyush Thakur shared, “The Pachora Hybrid Power Project will be Blueleaf’s first utility-scale initiative in India.” He further commented, “The project’s offtake has been structured innovatively, unbundling the environmental and energy components. Environmental attributes, in the form of International Renewable Energy Certificates (I-RECs), will be supplied to a large international tech company, while power without attributes will be delivered to a leading Indian power trader.”

Raghuram Natarajan, Blueleaf Energy CEO commented, “Blueleaf Energy is committed to accelerating the development of innovative renewable energy projects across Asia to accelerate the energy transition. By co-locating solar and wind power generation facilities, our Pachora Hybrid Power Project generates renewable energy though the day and night, optimizes power system efficiency, and reduces the need for grid expansion. As a result, our project reduces carbon emissions and lowers the levelized cost of energy (LCOE), providing a cost-effective model for decarbonizing the Indian grid.”  

Ganesh Sankaran, Group Executive and Head of Wholesale Banking Coverage Group for Axis Bank said, “Axis Bank is glad to partner with Blueleaf Energy on its first greenfield 200 MW wind-solar hybrid power project in India. This partnership reflects our commitment to support the UN Sustainability Development Goals for 2030 and align our activities to achieve these goals. Our focus is to scale business activities to support India’s sustainable and equitable transition to a green economy. We are constantly exploring specialised products and services that are in line with the SDGs and climate action and adapting to emerging regulatory guidance and market practices.’’

Blueleaf Energy is proud to support India’s energy transition with its target to develop and build over 5 GW of renewable energy projects in the country by 2030, helping the nation move towards its goal of achieving 500 GW of renewable energy production capacity by 2030.

*~550,000 Indian households figure assumes 1,200 kWh per of annual energy consumption per household.

About Blueleaf Energy

Blueleaf Energy is a leading pan-Asian Renewable energy platform that develops, finances, owns and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond.

Committed to upholding the highest environmental, social, governance and safety standards, Blueleaf Energy serves both corporate and industrial consumers and large utilities, providing our customers access to a competitive and green energy mix and solutions to achieve their sustainability targets.

Blueleaf Energy has a development pipeline of solar, wind and storage projects in excess of 7 GW, a historical track record of developing and building 2 GW of capacity globally which includes over 500 MW in Asia Pacific.

Blueleaf Energy is owned by a Macquarie Asset Management managed fund.

Press contact:  

Jennifer Zdaniuk
Senior Manager, Marketing & Communications
Blueleaf Energy
+65 8223 9198 jennifer.zdaniuk@blueleafenergy.com