Blueleaf secures funding for 200 MW wind-solar hybrid project in India

The Pachora Hybrid Power Project will produce over 600 gigawatt hours (GWh) of energy annually.

Blueleaf Energy, a pan-Asian renewable energy platform owned by a Macquarie Asset Management managed fund, has announced the financial close of its 200-megawatt (MW) wind-solar hybrid power plant in Madhya Pradesh, India.

The project, Pachora Hybrid Power Project, has secured approximately $170m in project financing from Axis Bank, one of India’s leading private sector banks. This project has also secured grid access at the Pachora Inter State Transmission System (ISTS) substation. 

Blueleaf Energy will build, own, and operate the Pachora Hybrid Power Project, which is expected to achieve commercial operation by 2025. The project aims to produce over 600 gigawatt hours (GWh) of energy annually, supplying clean, renewable energy to approximately 110,000 Indian households.

“The project’s offtake has been structured innovatively, unbundling the environmental and energy components,” said  Pratyush Thakur, country head of Blueleaf Energy India.

“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,” he added.

Blueleaf Energy has a target to develop and build over 5 GW of renewable energy projects in the country by 2030, contributing to India’s goal of achieving 500 GW of renewable energy production capacity by 2030.