British International Investment has partially syndicated its US$75 million mezzanine debt investment in Blueleaf Energy by bringing the Emerging Africa and Asia Infrastructure Fund on board, mobilising private capital for renewable projects in India. Blueleaf Energy, owned by Macquarie Asset Management, is targeting the development of a five gigawatt (GW) renewable energy portfolio in India by 2030. Under the transaction EAAIF will participate in 50 per cent of the US$75 million facility underwritten by BII and will support the development of 850 megawatt (MW) of greenfield renewable capacity. BII partnered with EAAIF, a PIDG company managed by Ninety One, to expand access to climate-focused financing.

The original BII investment supported Blueleaf’s expansion across utility-scale solar, wind and energy storage projects, with previous financing intended to back nearly two gigawatt (GW) of capacity across India. The investment package is expected to include projects that together generate more than 3.2 gigawatt-hour (GWh) of clean energy annually. Mezzanine financing remains relatively underutilised in India's renewable sector, and the deal is presented as evidence that such instruments can attract institutional capital.

EAAIF brings more than two decades of experience mobilising commercial and institutional capital for infrastructure in emerging markets and will support Blueleaf Energy's next phase of growth while maintaining an impact mandate. The transaction represents EAAIF's third financing in India's renewable energy sector and is intended to deepen the pool of capital available for climate infrastructure. BII's originate-to-share approach aims to recycle capital to unlock projects and bring in institutional partners to scale them.

BII will retain a 50 per cent stake equivalent to US$37.5 million and will continue to seek additional private investment to support Blueleaf's expansion. The partners framed the transaction as a model for how development finance institutions and private investors can collaborate to accelerate energy transition in emerging markets. Officials highlighted the role of such partnerships in supporting India's low?carbon growth and in mobilising capital at scale.