Axis Bank funds Blueleaf’s 200 MW Indian hybrid plant

Blueleaf Energy, a Singapore-based subsidiary of Macquarie Asset Management from Australia, has secured financing for a 200 MW Pachora wind-solar hybrid project in Madhya Pradesh, India. Axis Bank has provided approximately $170 million for this venture, marking Blueleaf’s inaugural utility-scale project in India. Scheduled to commence operations in 2025, the plant will generate over 600 GWh annually, enough to supply around 110,000 households. The generated energy will include International Renewable Energy Certificates (I-RECs) for an international tech company, while power without such attributes will be sold to an Indian power trader. According to Blueleaf Energy, this initiative is part of its broader goal to develop 5 GW of renewable energy projects in India by 2030, contributing to the country’s 500 GW renewable capacity target, by 2030.