BII and EAAIF Back Blueleaf Energy with USD 75 Million Mezzanine Facility to Scale Renewable Energy in India

British International Investment (BII), the UK’s development finance institution and impact investor, has announced the partial syndication of its mezzanine debt investment in Blueleaf Energy to the Emerging Africa and Asia Infrastructure Fund (EAAIF).

EAAIF is a Private Infrastructure Development Group (PIDG) company managed by global investment firm, Ninety One. Blueleaf Energy is a pan-Asian renewable energy platform and independent power producer owned by Macquarie Asset Management, targeting the development of a renewable energy portfolio of around 5GW in India by 2030.

The transaction will see EAAIF participating for 50 percent of the USD 75 million facility to Blueleaf Energy, underwritten by BII. As a result, EAAIF will support Blueleaf Energy in developing 850MW of greenfield renewable energy capacity.       

Mezzanine financing remains highly additional in India’s renewable energy sector. BII’s investment in Blueleaf Energy last year has helped to demonstrate the viability of this financing approach while supporting the development of the platform’s pipeline. This partnership with EAAIF builds on that foundation by bringing in a like-minded global investor with an impact mandate, showing how BII’s capital can help attract private investment into sectors where financing gaps persist.

With more than two decades of experience mobilising commercial and institutional capital for infrastructure across emerging markets, EAAIF will support Blueleaf Energy's next phase of growth. The investment aligns with EAAIF's focus on financing climate-resilient infrastructure that accelerates decarbonisation while supporting sustainable economic development.

The transaction also marks an expansion of EAAIF's climate infrastructure investments in Asia, and this is the Fund’s third financing in the renewable energy sector in India. Combined with BII's sector expertise and local presence, it will support Blueleaf Energy’s continued expansion and help attract further private investment into climate infrastructure.

As India heightens its climate ambitions by targeting a 47 percent reduction in emissions relative to its economic size by 2035, it continues to demonstrate that economic expansion and environmental responsibility can go hand in hand.  

Blueleaf Energy aims to make a meaningful contribution to the country’s energy transition, through utility-scale solar, wind and energy storage projects that are expected to generate over 3.2GWh of renewable energy annually and avoid more than 3.1 million tonnes of CO₂ emissions each year. This will help to increase the share of renewable energy in the overall energy mix in India.

UK Minister for Development, Jenny Chapman, said, “This deal shows that where British International Investment leads, other investors follow.  The partnership between BII and Ninety One is not only good for business, it’s good for the planet too, helping Blueleaf to support clean energy transitions through solar, wind and energy storage projects across India. This is a great example of the type of partnership the UK’s Emerging Markets and Developing Economies Investor Taskforce is bringing about, and we want to see even more as part of our modern approach to development.” 

Leslie Maasdorp, Chief Executive, BII, commented, “This transaction is a strong example of our originate-to-share approach under British Climate Partners, where we deploy our capital to unlock projects and then bring in institutional investors to scale them. By recycling our capital and partnering with impact investors like EAAIF, which is managed by Ninety One, we can accelerate the build-out of clean energy infrastructure while maximising our impact.”

Hendrik du Toit, Founder and Chief Executive, Ninety One, the fund manager, EAAIF, said, “Mobilising capital at scale is essential to accelerating the energy transition in emerging markets. This transaction demonstrates how development finance institutions and private investors can work together to expand access to renewable energy infrastructure by bringing additional capital to projects with strong long-term fundamentals. It also marks an important step in growing EAAIF's climate infrastructure investments in Asia, while supporting India's ambitions to build a more resilient, low-carbon economy."

Philippe Valahu, Chief Executive, Private Infrastructure Development Group (PIDG), added, “We are pleased to partner with BII again on a transaction to unlock more capital for climate infrastructure where it is needed most. By bringing EAAIF into Blueleaf Energy’s growth journey, we can support renewable energy deployment at greater scale, while helping to deepen the pool of capital available for India’s clean energy transition. India will be central to global progress on climate action, and this investment reflects PIDG’s commitment to backing scalable solutions for meaningful impact.”

BII will retain a 50 percent (USD 37.5 million) stake and continue to support Blueleaf’s growth, with the intention to mobilise further private capital over time.