Blueleaf reaches fin close on 200-MW wind-solar hybrid in India

Pan-Asian renewable energy platform Blueleaf Energy has closed the financing for a 200-MW wind and solar hybrid power project it is developing in Madhya Pradesh, India, the firm announced on Wednesday.

Axis Bank agreed to provide project financing of around USD 170 million (EUR 155.6m) to support the scheme, enabling Blueleaf to launch its first utility-scale project in India.

The project is known as the Pachora Hybrid. Blueleaf will build, own and operate the facility, hoping to start commercial operation in 2025.

The project has already secured grid access at the Pachora Inter State Transmission System (ISTS) substation. The wind and solar mash-up is expected to be able to produce over 600 GWh of power annually once in operation, generating enough to power approximately 110,000 Indian households.

Blueleaf has buyers lined up to contract International Renewable Energy Certificates (I-RECs) from the project and electricity under a power purchase agreement (PPA).

“Environmental attributes, in the form of International Renewable Energy Certificates (I-RECs), will be supplied to a large international tech company, while power without attributes will be delivered to a leading Indian power trader,” Blueleaf Energy India Country Head, Pratyush Thakur, said in the company's press release. No other details were shared.

Blueleaf Energy is owned by a Macquarie Asset Management managed fund.

(USD 1.0 = EUR 0.915)

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