British International Investment has partially syndicated its mezzanine debt investment in Blueleaf Energy (renewable energy company) to the Emerging Africa & Asia Infrastructure Fund, in a deal that will see the two organisations split a USD 75 million facility to support the next phase of the pan-Asian renewable energy platform's growth in India.

Structure of the Deal

Announced in London, the transaction sees EAAIF participating for 50 per cent of the USD 75 million facility, which was originally underwritten by BII, the UK's development finance institution and impact investor.

BII will retain the remaining 50 per cent stake, equivalent to USD 37.5 million. Through this shared financing arrangement, EAAIF will support Blueleaf Energy in developing 850 megawatts of greenfield renewable energy capacity across India.

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

The financing structure is described as mezzanine debt, a form of capital that BII has characterised as highly additional in India's renewable energy sector, meaning it fills a gap that conventional sources of finance have not adequately addressed.

BII's initial investment in Blueleaf Energy, made the previous year, helped demonstrate the viability of this financing approach and supported the development of the platform's project pipeline.

EAAIF's Expanding Footprint in Asia

The transaction marks an expansion of EAAIF's climate infrastructure investments in Asia and represents the fund's third financing in the renewable energy sector in India.

With more than two decades of experience mobilising commercial and institutional capital for infrastructure across emerging markets, EAAIF brings an established track record to this investment.

The deal aligns with the fund's stated focus on financing climate-resilient infrastructure that accelerates decarbonisation while supporting sustainable economic development.

Hendrik du Toit, founder and Chief Executive of Ninety One, said that 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," he said.

Du Toit added that the investment marks an important step in growing EAAIF's climate infrastructure activities in Asia while supporting India's ambitions to build a more resilient, low-carbon economy.

India's Clean Energy Ambitions

The investment comes as India has set a target of a 47 per cent reduction in emissions relative to its economic size by 2035, underscoring the scale of the country's climate commitments.

Blueleaf Energy's projects in India span utility-scale solar, wind, and energy storage, and are expected to generate over 3.2 gigawatt-hours of renewable energy annually.

The platform's activity is also projected to avoid more than 3.1 million tonnes of carbon dioxide emissions each year, contributing to an increase in the share of renewable energy in India's overall energy mix.

UK Minister for Development Jenny Chapman welcomed the announcement, describing it as evidence that where BII 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," she said.

Chapman also pointed to the deal as an example of the type of collaboration being promoted by the UK's Emerging Markets and Developing Economies Investor Taskforce.

BII's Originate-to-Share Approach

For BII, the transaction is presented as a practical application of what it calls its originate-to-share approach under its British Climate Partners initiative. Under this model, BII deploys its own capital to unlock projects and then brings in institutional investors to scale them, recycling the initial investment to maximise impact across a broader range of opportunities.

Leslie Maasdorp, Chief Executive of BII, described the deal as a strong demonstration of that model in practice. "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," he said.

PIDG's Role in the Partnership

Philippe Valahu, Chief Executive of the Private Infrastructure Development Group, which oversees EAAIF, said the organisation was pleased to partner with BII again on a transaction designed to unlock more capital for climate infrastructure.

"By bringing EAAIF into Blueleaf Energy's growth journey, we can support renewable energy deployment at a greater scale, while helping to deepen the pool of capital available for India's clean energy transition," Valahu said.

He described India as central to global progress on climate action and said the investment reflects PIDG's commitment to backing scalable solutions for meaningful impact.

The signing ceremony for the transaction was attended by Phil Stevens, Director at the Foreign, Commonwealth and Development Office; Leslie Maasdorp of BII; Hendrik du Toit of Ninety One; Stephen Varma, Chief Risk Officer at PIDG; and Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One.

Powering Your Pipeline: Stay Ahead of India's Energy Infrastructure Boom

How many opportunities are passing your business by while you wait for project intelligence to reach you through fragmented sources? Across India, the power sector is advancing at a pace that rewards those with early visibility and punishes those relying on outdated information.

The Global Project Tracking (GPT) platform by Blackridge Research was built to solve exactly this problem, consolidating power sector project data across India into a single, continuously updated intelligence resource for developers, contractors, investors, and equipment suppliers.

Whether you are monitoring grid expansion programs in India, renewable energy rollouts across the Pacific, or large-scale transmission upgrades in India, the platform delivers the structured data your business needs to act with confidence and precision.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See the full depth of India's power sector coverage for yourself. Book a Free Demo with the Blackridge Research team today.