Pan-Asian renewable energy platform Blueleaf Energy has acquired a 40 MW operating wind power asset in Karnataka’s Belagavi district. The transaction marks the company’s first purchase of an operating asset in India and expands its presence beyond greenfield development.

The wind farm has eight years of clean energy generation experience. It complements Blueleaf Energy’s existing 1.5 GW greenfield portfolio in India, which includes projects under construction and assets already in operation.

Blueleaf Energy said the acquisition forms part of a targeted mergers and acquisitions strategy intended to accelerate growth and increase its presence in India’s renewable energy market. The company also plans to maintain its focus on delivering long-term value as the country transitions towards cleaner energy sources.

The company received legal, financial and tax structuring advice from Talwar Thakore & Associates and EY for the transaction. Blueleaf Energy’s India country head, Pratyush Thakur, described the purchase as an important milestone and said the company would build on its established greenfield development capabilities while pursuing further expansion opportunities.

Blueleaf Energy has previously commissioned the 300 MWp Pachora Hybrid Power Project in Madhya Pradesh. The project is jointly owned by Blueleaf Energy and Jakson Green through its parent company, Jakson. The wind and solar project has an estimated value of about Rs. 19 bn and is expected to generate nearly 600 mn units of clean electricity annually for sale on the Indian power market.

The company has also expanded in Rajasthan through its partnership with Jakson Green. Ground-mounted solar plants with capacities of 280 MWp and 560 MWp in Bikaner form part of the 1 GWp Rajasthan Solar Portfolio. The partners recently achieved financial close for the portfolio with Axis Bank, completing funding for the entire development.