Blueleaf Energy, a pan-Asian renewable energy platform owned by a Macquarie Asset Management managed fund, announced this week the financial close of its 200 MW wind-solar hybrid power plant under development in Madhya Pradesh, India.
Blueleaf has secured around $170 million from Axis Bank to finance the project, which has secured grid access at the Pachora Inter State Transmission System (ISTS) substation.
Blueleaf Energy will develop the Pachora Hybrid Power Project on a build-own-operate basis and targets project commissioning in 2025. The project is projected to produce over 600 GWh of power a year, the equivalent of supplying clean, renewable power to around 110,000 Indian households.
The Pachora hybrid power project will be Blueleaf’s first utility-scale initiative in India.
Blueleaf Energy India country head, Pratyush Thakur said, “The project’s offtake has been structured innovatively, unbundling the environmental and energy components. 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 aims to develop and build over 5 GW of renewable energy projects in India by 2030, helping the nation move towards its goal of achieving 500 GW of renewable energy production capacity by 2030.
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