Jakson Green & Blueleaf Develop 1 GW Solar in Rajasthan

New Delhi, Jan 30 (PTI) Homegrown Jakson Green and Singapore-based Blueleaf Energy on Thursday announced their collaboration to develop one GW solar projects in Rajasthan at an investment of USD 400 million (Rs 3,400 crore).

The partnership will focus on jointly developing and building gigawatt-scale green energy projects in India, Jakson Green, a leading new energy transition platform, said in a statement.

"This collaboration further solidifies our presence as a respected global player in energy transition," said Bikesh Ogra, MD and CEO of Jakson Green.

The inaugural 1 GW portfolio, funded through a combination of debt and equity, comprises three solar projects, it added.

These projects include Intra State Transmission System (InSTS) and Inter State Transmission System (ISTS) projects with 25-year power purchase agreements (PPAs) secured via competitive bidding from RUVNL, SECI, and NHPC.

The three solar projects are expected to be progressively commissioned in 2025-2026.

"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 5 GW of renewable energy capacity to the Indian grid by 2030," remarked Raghuram Natarajan, CEO of Blueleaf Energy.

Blueleaf Energy is a leading pan-Asian Renewable energy platform that develops, finances, owns and operates renewables and storage assets.

Projected to generate over 1,800 GWh of green energy a year, enough to sustainably power over 1.5 million Indian households, the Rajasthan Solar Portfolio will save over 22 million tons of CO2 emissions over 25 years, the equivalent of removing over five million cars from the road, the statement added.

The initiative will also create valuable job opportunities during both construction and operation phases, demonstrating the strong commitment of both JGPL and Blueleaf to sustainable development.

Jakson Green engaged Ernst & Young (EY) as the exclusive sell side investment banker for the entire transaction.

Jakson Green also announced that it has strengthened its financial foundation, securing credit facilities of Rs 2.96 billion from First Abu Dhabi Bank (Mumbai) and Rs 600 million from HSBC. These funds will support its domestic and international Engineering, Procurement, and Construction (EPC) operations.