Blueleaf Energy, a pan-Asian renewable energy platform owned by a fund managed by Macquarie Asset Management, and Jakson Green, a new energy transition platform, have agreed to invest US$400 million to build a 1-gigawatt solar portfolio in Rajasthan, India.

The partnership will focus on jointly developing and building gigawatt-scale green energy projects in India. The companies target over 5GW of renewable capacity by 2030.

The 1GW portfolio, funded through a combination of debt and equity, comprises three solar projects. These projects include the Intra State Transmission System and the Inter State Transmission System with 25-year power purchase agreements secured via competitive bidding from Rajasthan Urja Vikas Nigam Ltd, Solar Energy Corporation of India, and National Hydroelectric Power Corporation. The three solar projects are expected to be progressively commissioned in 2025-2026 on a build-own-operate model.

Projected to generate over 1,800 gigawatt-hours of green energy a year, enough to sustainably power over 1.5 million Indian households, the Rajasthan solar portfolio will save over 22 million tonnes of carbon dioxide emissions over 25 years, the equivalent of removing over five million cars from the road.

The initiative will also create job opportunities during both the construction and operation phases.

“Blueleaf’s development and commercial capabilities combined with Jakson Green’s project execution strength creates a strong partnership for delivering high-quality renewable energy projects, propelling us towards our shared goal of adding in excess of 5GW of renewable energy capacity to the Indian grid by 2030, to accelerate the nation’s journey to net zero,” says Raghuram Natarajan, chief executive officer of Blueleaf Energy.

Bikesh Ogra, managing director and CEO of Jakson Green, adds: "This collaboration further solidifies our presence as a respected global player in energy transition. The sheer scale of this project is a testimony to our commitment on delivering world-class projects while being the most trusted energy transition partner.”

The Rajasthan solar portfolio marks Blueleaf’s second large-scale renewable energy initiative over the past six months in India, the first being the 200-megawatt Pachora hybrid wind and solar project, which is due to be commissioned later this year.