Renewable energy platform Blueleaf Energy announced the financial closure of its 200 MW wind-solar hybrid power project under development in Madhya Pradesh.

The company has secured around $170 million in financing from Axis Bank for the Pachora hybrid power project and grid access at the Pachora Inter-State Transmission System (ISTS) substation.

The project, which is expected to start operations in 2025, is estimated to produce over 600 GWh of energy a year.

Blueleaf Energy is a pan-Asian firm that develops, finances, owns, and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond. It has a development pipeline of solar, wind, and storage projects of more than 7 GW.

Blueleaf Energy India Country Head Pratyush Thakur said, “The Pachora Hybrid Power Project will be Blueleaf’s first utility-scale initiative in India. The project’s offtake has been structured innovatively, unbundling the environmental and energy components. 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.”

Ganesh Sankaran, Group Executive and Head of Wholesale Banking Coverage Group, Axis Bank, said, “Axis Bank is glad to partner with Blueleaf Energy on its first greenfield 200 MW wind-solar hybrid power project in India. Our focus is to scale business activities to support India’s sustainable and equitable transition to a green economy. We are constantly exploring specialized products and services that are in line with the SDGs and climate action and adapting to emerging regulatory guidance and market practices.”

In May 2023, Blueleaf Energy and SunAsia Energy were awarded contracts by the Philippine government to construct and manage what is claimed to be the world’s largest floating solar project with a combined capacity of 610.5 MW.