Blueleaf Energy, owned by a Macquarie Asset Management fund, has partnered India-based global new energy transition platform Jakson Green to develop a 1GW solar portfolio in Rajasthan, India.
The $400m investment, which marks a major boost to the region's renewable energy sector, includes the development of three solar projects including intra-state (InSTS) and inter-state (ISTS) transmission system projects.
The projects secured 25-year power purchase agreements through competitive bidding from Rajasthan Rajya Vidyut Utpadan Nigam, the Solar Energy Corporation of India and the National Hydroelectric Power Corporation.
The three solar projects will be developed on a build-own-operate model and commissioned between 2025 and 2026.
Blueleaf Energy CEO Raghuram Natarajan stated: “We are proud to be embarking on this strategic partnership with Jakson Green to develop gigawatt-scale renewable energy projects.
“Blueleaf’s development and commercial capabilities combined with Jakson Green’s project execution strength creates a strong partnership for delivering high-quality renewable energy projects, propelling us towards our shared goal of adding in excess of 5GW of renewable energy capacity to the Indian grid by 2030, to accelerate the nation’s journey to net zero.”
The solar portfolio will generate more than 1,800 gigawatt hours (GWh) of green energy annually - sufficient to power more than 1.5 million households in India sustainably and prevent 22 million tonnes of CO₂ emissions over 25 years.
This is equivalent to taking more than five million cars off the road, highlighting the environmental impact of the initiative.
The initiative, backed by a combination of debt and equity, will create jobs during both the construction and operational phases, contributing to the economic growth of the region.
Jakson Green managing director and CEO Bikesh Ogra stated: “We are delighted to partner with Blueleaf Energy. This collaboration further solidifies our presence as a respected global player in energy transition. The sheer scale of this project is a testimony to our commitment to delivering world-class projects, while being the most trusted energy transition partner.”
