On Wednesday, the UK’s development finance institution British International Investment (BII) announced that it will invest USD 75 million to support the expansion of Blueleaf Energy, a renewable energy platform owned by Macquarie Asset Management, in India.
The funding will accelerate investment in clean energy across Asia. The investment will be used for Blueleaf’s utility-scale solar, wind, and energy storage projects in India and will deliver more than 3.2 gigawatt-hours (GWh) of clean energy per year.
“This investment aligns with BII’s broader strategy to accelerate the energy transition in emerging markets,” a BII spokesperson said.
Earlier this year, BII made a commitment of over $95 million to climate-centric platforms in Southeast Asia, which included co-investments into renewable, utility-scale assets and early-stage clean energy companies. BII also created a renewable energy joint venture with two of the partners in the region that is focused on Southeast Asia and has supported other clean energy initiatives in India, including Mahindra & Mahindra’s EV unit.
India, the world’s fourth-largest producer of renewable energy, has ambitious plans to achieve 500 GW of non-fossil fuels by 2030. India has already installed over 256 GW of installed energy capacity as of September.
Blueleaf Energy, headquartered in Singapore, operates across Southeast Asia, India, Taiwan, and Japan with a project pipeline of over 4.5 GW of renewable energy generation assets and almost 3 GWh of storage projects.
“This investment will support Blueleaf Energy’s growth in India, which will accelerate the clean energy transition,” the spokesperson added.
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