(Reuters) -British International Investment (BII), the UK’s development finance institution, said on Wednesday it would invest $75 million to aid the India expansion plans of Blueleaf Energy, a Macquarie Asset Management-owned renewable energy platform.
The funding is intended to accelerate clean energy deployment in markets across Asia.
The investment will be made in Blueleaf’s utility-scale solar, wind, and energy storage projects in India, and is expected to generate more than 3.2 gigawatt-hours (GWh) of clean energy annually.
The investment aligns with BII’s broader strategy to accelerate the energy transition in emerging markets.
It has committed more than $95 million this year to climate-focused platforms in Southeast Asia, including co-investments in utility-scale renewable assets and early-stage clean energy businesses.
Earlier in the year, BII set up a renewable energy joint venture focused on Southeast Asia with two partners. BII backs various entities focused on clean energy in India such as Mahindra & Mahindra’s EV unit.
India, the world’s fourth-largest renewable energy producer, has set a target of 500 GW of non-fossil fuel capacity by 2030, with the country already surpassing 256 GW of installed energy capacity as of September.
Singapore-headquartered Blueleaf Energy operates in Southeast Asia, India, Taiwan, and Japan, with a project pipeline that includes more than 4.5 GW of energy generation assets and nearly 3 GWh of storage projects.
(Reporting by Komal Salecha and Kashish Tandon in Bengaluru; Editing by Rashmi Aich)
