British International Investment (BII)—the UK’s development finance institution (DFI) and impact investor—announced on Wednesday that it has entered into an agreement to provide a $75-million financing facility to Blueleaf Energy, a pan-Asian renewable energy platform and independent power producer (IPP) owned by a fund managed by Macquarie Asset Management.
The partnership aims to accelerate clean energy infrastructure development in India and signals both organisations’ intent to expand their collaboration into Southeast Asia, according to the announcement.
The financing facility will enable Blueleaf Energy to expand its renewable energy portfolio across India, adding close to 2 GW of installed clean energy capacity. The investment will support the development of utility-scale solar, wind, and energy storage projects, which are expected to generate more than 3.2 GWh of clean power annually and help avoid around 3.1 million tonnes of CO₂ emissions each year, said the joint statement.
“As the UK’s DFI, we’re committed to accelerating the clean energy and climate resilient transition across South and Southeast 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 and Head of Asia at BII.
The investment comes at a crucial time, bolstering Blueleaf Energy’s expansion in India as the country advances towards its target of achieving 500GW of non-fossil fuel power capacity by 2030. The collaboration in India is expected to serve as a foundation for future partnerships across Southeast Asia, supporting Blueleaf Energy’s ambition to deliver 10GW of installed renewable capacity across the region.
Blueleaf Energy currently operates in Southeast Asia, India, Taiwan, and Japan with a project pipeline that includes over 4.5 GW of generation assets and nearly 3 GWh of storage projects.
Meanwhile, BII has investments in over 1,600 businesses across 66 countries and total net assets of 9.87 billion pound. Between 2022-2026, at least 30% of BII’s total new commitments by value will be in climate finance.
