Blueleaf Energy, a pan-Asian renewable energy management platform, announces the financial close of its 200 MW hybrid wind-solar project in Madhya Pradesh, India.
Financed to the tune of USD 170 million by Axis Bank, the project aims to produce 600 GWh of clean energy per year, equivalent to the consumption of 110,000 Indian homes.
The Pachora Hybrid Power project will benefit from grid access via the Pachora Inter State Transmission System (ISTS) substation.
Scheduled to be operational in 2025, this project marks Blueleaf Energy’s first large-scale investment in India, illustrating the company’s commitment to the Indian renewable energy market.
Strategic Partnerships and Financing
Axis Bank, one of India’s leading private banks, is financing the project, testifying to the economic and environmental viability of this initiative.
To complement this financing, Blueleaf Energy has signed Power Purchase Agreements (PPAs) with one of India’s leading energy traders, and International Renewable Energy Certificates (I-RECs) will be supplied to a major international technology company.
Pratyush Thakur, Director of Blueleaf Energy in India, comments: “The Pachora project will be our first large-scale initiative in India. Its innovative structure, dissociating environmental and energy components, is crucial to the country’s energy transition.”
Environmental and Technological Impact
Blueleaf Energy’s hybrid wind-solar project is designed to produce renewable energy continuously, optimizing power system efficiency and reducing the need for grid expansion.
The combination of solar and wind installations minimizes carbon emissions and reduces the levelized cost of energy (LCOE), offering an efficient business model for decarbonizing the Indian grid.
Raghuram Natarajan, CEO of Blueleaf Energy, says: “Blueleaf Energy is committed to accelerating the development of innovative renewable energy projects in Asia. Our Pachora hybrid project illustrates our approach to optimizing renewable energy production and contributing to India’s energy transition.”
Future commitments and objectives
Ganesh Sankaran, Head of Wholesale Banking Coverage Group for Axis Bank, added: “Axis Bank is delighted to partner with Blueleaf Energy on this 200 MW hybrid project.
This commitment reflects our dedication to supporting the United Nations 2030 Sustainable Development Goals and promoting an equitable transition to a green economy in India. ” Blueleaf Energy aims to develop and build over 5 GW of renewable energy projects in India by 2030, contributing to the national target of 500 GW of renewable energy capacity.
This initiative is part of a broader vision to support the global energy transition, offering innovative and sustainable solutions to today’s environmental challenges.
