Blueleaf Energy, an Asian utility-scale renewables developer, seeks to rapidly scale in India where it targets achieving 5 GW-6 GW in installed capacity, a senior official told Infralogic.

The company will pursue greenfield developments for corporate power purchase agreements and government tenders plus M&A opportunities, said CEO Raghuram Natarajan. “Blueleaf is looking at multiple portfolios for sale in India,” he said.

The plan is part of Blueleaf’s broader goal of delivering 10 GW total in the next five to six years, said Natarajan.

India already accounts for the bulk of Blueleaf’s operational projects, with the 300 MWp Pachora hybrid wind-solar farm. It is currently constructing nearly 1 GW across three solar farms in India, of which a 140 MWp farm is due to come online “imminently”, Natarajan said.

“Blueleaf will look to optimise its capital structure with different pools and forms of capital to maximise value at asset and platform levels,” Natarajan said. The company is owned by a Macquarie Asset Management-managed fund.

Last October, Blueleaf received a USD 75m financing facility from British International Investment (BII). The facility will support Blueleaf’s Indian buildout at both an asset and portfolio level, Natarajan said.

“It is possible for BII to provide more financing facilities to Blueleaf on greenfield projects that are set for scale across India and Southeast Asia,” said Rohit Anand, BII’s Head of Asia Infrastructure.

Beyond India, Blueleaf targets 2 GW-3 GW in Southeast Asia and 1 GW in Japan, Natarajan said. Contracted projects in Malaysia and Japan will begin construction in the next 12-18 months.

Within Southeast Asia, it plans to identify assets in Thailand, Malaysia, and Indonesia, plus Vietnam opportunistically, over the next 12 months, he said.

Headquartered in Singapore, the company has a project pipeline of over 7.5 GW in generation assets and nearly 3.3 GWh of storage projects.

Solar, onshore wind and battery energy storage systems will be Blueleaf’s dominant portfolio technologies, while hydropower and floating solar will also feature, Natarajan said.

BII, the UK development finance institution (DFI) aims to invest GBP 500m on Southeast Asian climate finance by 2026, of which GBP 308m has been committed.

The remaining dry powder will likely be spent on clean energy generation across the Philippines, Vietnam, and Indonesia, plus storage and EV mobility, said BII’s Anand. The DFI is also starting to consider greenfield opportunities in EV charging infrastructure and fleet financing in Malaysia and Thailand, he said.