(Reuters) – Renewable energy platform Blueleaf Energy, owned by a Macquarie Asset Management managed fund, will invest $400 million in 1 gigawatt (GW) of solar projects of India’s Jakson Green in the northwestern state of Rajasthan, the companies said on Thursday.
The investment will be made in three solar projects, which are expected to be commissioned in 2025-2026 and will be funded through a combination of debt and equity, the companies said.
There is a growing interest in renewable energy assets in India as the country aims to increase its non-fossil fuel capacity to 500 GW by 2030 from about 162 GW at present and is still short of its much-publicised pledge to add 175 GW by 2022.
In December, Indian billionaire Sajjan Jindal led JSW Energy acquired renewable energy platform O2 Power’s subsidiaries in a deal worth $1.47 billion.
Blueleaf Energy and Jakson Green are also targeting setting up more than 5 GW of renewable capacity in India by 2030, they said.
Singapore-headquartered Blueleaf Energy has more than 7 GW of solar, wind and storage projects in the development pipeline, while Jakson Green has more than 1 GW of renewable energy assets under development.
(Reporting by Sethuraman NR; Editing by Eileen Soreng)
