New Delhi: British International Investment (BII) and the Emerging Africa and Asia Infrastructure Fund (EAAIF) have partnered to provide a USD 75 million mezzanine financing facility to Blueleaf Energy, supporting the development of 850 MW of renewable energy projects across India.
- Strategic Partnership to Accelerate Renewable Energy
- Mezzanine Financing Addresses Funding Gap
- Supporting India’s Climate Goals
- Global Investors Back India’s Energy Transition
- BII Expands Its ‘Originate-to-Share’ Strategy
- Strengthening Climate Infrastructure in Asia
- India Emerges as a Global Renewable Energy Investment Destination
The investment marks another significant milestone in India’s clean energy transition while demonstrating growing international confidence in the country’s renewable energy sector and climate-focused infrastructure.
Strategic Partnership to Accelerate Renewable Energy
The financing arrangement will see EAAIF, a company under the Private Infrastructure Development Group (PIDG) and managed by global investment manager Ninety One, acquire a 50% participation in the USD 75 million facility originally underwritten by BII.
Through the investment, Blueleaf Energy will accelerate the development of approximately 850 MW of greenfield renewable energy capacity, supporting India’s ambitious renewable energy and decarbonisation goals.
Blueleaf Energy, an independent power producer owned by Macquarie Asset Management, is targeting the development of a 5 GW renewable energy portfolio in India by 2030.
Mezzanine Financing Addresses Funding Gap
The investment highlights the growing role of mezzanine financing in India’s renewable energy sector, where access to flexible growth capital remains limited.
BII’s initial investment in Blueleaf Energy helped validate mezzanine financing as an effective funding model for renewable infrastructure. The participation of EAAIF further demonstrates how development finance institutions can attract private investment into sectors with persistent financing gaps.
The collaboration also aligns with EAAIF’s strategy of supporting climate-resilient infrastructure projects across emerging markets while expanding its renewable energy investments in Asia.
Supporting India’s Climate Goals
India has significantly increased its climate ambitions, targeting a 47% reduction in emissions intensity by 2035 while continuing to expand its economy.
Blueleaf Energy’s planned renewable energy portfolio is expected to contribute meaningfully toward these objectives through large-scale solar, wind, and energy storage projects.
Once operational, the projects are expected to:
- Generate more than 3.2 GWh of renewable electricity annually
- Prevent over 3.1 million tonnes of carbon dioxide (CO₂) emissions each year
- Increase the share of renewable energy within India’s electricity mix
- Support long-term energy security and sustainable economic growth
Global Investors Back India’s Energy Transition
The investment reflects increasing confidence among international institutional investors in India’s renewable energy market.
UK Minister for Development Jenny Chapman described the transaction as an example of how development finance can attract additional private investment while supporting clean energy deployment.
She noted that partnerships between public and private investors play an important role in accelerating sustainable infrastructure development across emerging markets.
BII Expands Its ‘Originate-to-Share’ Strategy
According to Leslie Maasdorp, Chief Executive Officer of British International Investment, the transaction demonstrates BII’s “originate-to-share” investment model.
Under this approach, BII deploys early-stage capital to unlock infrastructure projects before bringing in institutional investors to scale investments and recycle capital into new development opportunities.
The strategy enables greater mobilisation of private capital while expanding the impact of development finance investments.
Strengthening Climate Infrastructure in Asia
For Ninety One, which manages EAAIF, the investment represents an important step in expanding its climate infrastructure portfolio across Asia.
Founder and Chief Executive Hendrik du Toit said mobilising institutional capital remains essential to accelerating renewable energy deployment in emerging economies.
He added that partnerships between development finance institutions and private investors can help bridge infrastructure financing gaps while supporting long-term economic development.
India Emerges as a Global Renewable Energy Investment Destination
The investment also reinforces India’s growing position as one of the world’s most attractive renewable energy investment destinations.
With supportive government policies, increasing power demand, rapidly expanding renewable capacity, and ambitious decarbonisation targets, India continues to attract significant international capital into clean energy infrastructure.
British International Investment will retain a 50% stake (USD 37.5 million) in the financing facility while continuing to support Blueleaf Energy’s long-term expansion and mobilise additional private investment into India’s renewable energy ecosystem.
As the country moves closer to its clean energy ambitions, partnerships between development finance institutions, private investors, and renewable energy developers are expected to play an increasingly important role in financing large-scale climate infrastructure.
