Talwar Thakore & Associates and AZB & Partners have advised Singapore-based Blueleaf Energy (BLE) on its $400 million investment in 1 gigawatt of solar projects in the northwestern Indian state of Rajasthan owned by Jakson Green, which was represented by Khaitan & Co.
This investment marks BLE’s first major acquisition of stake in Indian renewable power projects and is its second large-scale renewable energy initiative in the past six months. The projects are due to be commissioned in the financial year 2025-26.
The investment comes at a time when BLE, a renewable energy platform backed by global asset manager Macquarie Asset Management, is reportedly looking to sell its existing renewable energy platforms in India, Vibrant Energy and Stride Climate, according to VC Circle.
India is pushing for strong regulatory reforms and increasing spending on infrastructure to achieve its target of 500GW of renewable energy by 2030, for which it will require to attract over $400 billion in financing, according to some experts.
However, high dependence on coal, unpredictable tax regimes, and the Trump Presidency’s strong anti-renewables stand have prompted a cautionary approach by PE investors and slightly tempered a steep growth trajectory.
The TT&A team was led by partners Gautam Saha, Dushyant Bagga and Akshay Malhotra and included managing associates Pooja Menon and Kush Saggi, senior associates Aditi Somani, and associate Divya Kumar.
Khaitan’s team was led by partner Ashutosh Sharma, senior associate Atif Ahmed, and associate Madhav Chandan. Khaitan’s energy and infrastructure team comprised partner Atman Desai, principal associate Akshita Amit, and associates Hetashri Khajanchi, Kuhoo Mishra, and Shrey Mahajan.
Khaitan partner Kumar Saurabh Singh assisted on the banking and corporate guarantee aspects of the deal.
The AZB team was led by senior partners Anil Kasturi and Anuja Tiwari, and included partners Ashish Pareek and Mallika Anand, senior associates Pranjal Bhattacharya and Kanika Jaggi, and associates Aditya Goyal, Mohit Mansharamani, Rudra Parmar, and Mohit S.
Senior partner Ram Kumar Poornachandran, partner Dinoo Muthappa, and associate Nandini Modi assisted on the competition law aspects.
