Blueleaf Energy and Jakson Green invest $400m in 1GW Rajasthan solar portfolio

In a major push toward India‘s energy transition, Blueleaf Energy, a pan-Asian renewable energy platform owned by Macquarie Asset Management, has partnered with Jakson Green to develop a 1-gigawatt (GW) solar power portfolio in Rajasthan. Representing an investment of $400 million, the initiative is part of a long-term strategy to expand renewable energy projects across India and accelerate the nation’s shift toward sustainable power solutions.

With the country targeting 500 GW of renewable capacity by 2030, this collaboration is set to play a significant role in reducing dependence on fossil fuels. The solar power portfolio will not only deliver clean energy but also substantially cut carbon emissions, reinforcing India’s position as a key player in the global green energy transition.

What Does the Rajasthan Solar Portfolio Involve?

The Rajasthan solar power portfolio consists of three large-scale solar projects, designed to generate over 1,800 GWh of renewable electricity annually—enough to sustainably power 1.5 million households across India. Over the next 25 years, the project is expected to eliminate more than 22 million tons of CO₂ emissions, the equivalent of taking five million cars off the road.

These projects will operate under a Build-Own-Operate (BOO) model, with funding secured through a combination of debt and equity. Key power purchase agreements (PPAs) have already been locked in through competitive bidding with Rajasthan Urja Vikas Nigam Limited (RUVNL), the Solar Energy Corporation of India Limited (SECI), and the National Hydroelectric Power Corporation (NHPC).

Scheduled for phased commissioning between 2025 and 2026, the solar power portfolio is part of a broader mission by Blueleaf Energy and Jakson Green to contribute 5 GW of renewable capacity to India’s energy grid by 2030.

Why Is This Investment Crucial for India’s Energy Transition?

India is undergoing a rapid transformation in its energy sector, with an increasing focus on scaling renewable energy projects to reduce dependency on conventional power sources. The Rajasthan solar power portfolio aligns with national decarbonization goals, addressing both energy security challenges and climate change concerns.

The investment is also expected to drive economic growth, creating thousands of direct and indirect jobs during the construction and operational phases. By increasing the availability of low-cost solar energy, the initiative aims to lower the levelized cost of electricity (LCOE), making sustainable energy solutions more accessible to industries and consumers.

Raghuram Natarajan, CEO of Blueleaf Energy, highlighted the long-term impact of the partnership, stating that the collaboration with Jakson Green strengthens their ability to deliver high-quality renewable energy projects at scale. He added that by combining their development expertise with Jakson Green’s execution capabilities, they are accelerating India’s clean energy transition and working toward a shared goal of adding more than 5 GW of renewable capacity by 2030.

How Does This Fit Into Blueleaf Energy’s Broader Renewable Strategy?

The Rajasthan solar power portfolio follows a series of strategic investments by Blueleaf Energy in India’s renewable energy projects. In August 2024, the company secured financial close on the Pachora Hybrid Power Project, a 200 MW wind-solar hybrid plant in Madhya Pradesh.

With financing of approximately $170 million from Axis Bank, the Pachora project is expected to generate over 600 GWh of clean energy annually, supplying electricity to around 550,000 households. The innovative structure of this project allows for the separation of environmental attributes and energy components, with International Renewable Energy Certificates (I-RECs) being contracted by a major global technology company.

Pratyush Thakur, Country Head of Blueleaf Energy India, noted that the Pachora Hybrid Power Project is their first utility-scale renewable initiative in India and sets a strong precedent for future expansions. He explained that the model integrates wind and solar to provide round-the-clock renewable energy, optimizing power system efficiency while reducing the need for extensive grid expansion.

What Role Does Jakson Green Play in India’s Renewable Sector?

Jakson Green has rapidly established itself as a leading clean energy developer, executing large-scale renewable energy projects across India and international markets. Its partnership with Blueleaf Energy is expected to bring advanced solar project development expertise, ensuring efficient execution and high-performance outcomes.

Bikesh Ogra, MD and CEO of Jakson Green, emphasized the importance of the collaboration, stating that this partnership with Blueleaf Energy reinforces their commitment to being a trusted global partner in the energy transition. He noted that the sheer scale of this initiative reflects their dedication to delivering world-class renewable projects that drive long-term sustainability and economic growth.

What’s Next for Blueleaf Energy and Jakson Green?

Looking ahead, Blueleaf Energy and Jakson Green plan to expand their renewable footprint by actively developing wind, solar, and hybrid energy projects that contribute to India’s net-zero goals. With strong financial backing from Macquarie Asset Management and regulatory approvals in place, the companies are well-positioned to deliver additional large-scale renewable energy projects that support India’s green energy ambitions.

The collaboration not only strengthens India’s clean energy landscape but also serves as a model for future public-private renewable energy investments that drive sustainable economic development.

As India continues to push forward with bold renewable energy targets, the Blueleaf-Jakson Green partnership is expected to be a major contributor to the country’s journey toward a cleaner, more resilient power sector.