Jakson Green, Blueleaf Gets Axis Bank Financing for 840 MWp Rajasthan Solar Projects

Jakson Green, a green energy transition platform, and Blueleaf Energy, a pan-Asian renewable energy platform owned by a Macquarie Asset Management–managed fund, achieved financial closure for their 840 MWp Bikaner Solar Projects in Rajasthan, India.

In a press release, while sharing these details, Jakson Green said its Bikaner 280 MWp and 560 MWp ground-mounted solar plants are part of the 1 GWp Rajasthan Solar Portfolio. This project is jointly owned by Blueleaf Energy and Jakson Green through its parent company, Jakson Limited. The company secured the recent financial close with Axis Bank, India, marking the completion of funding for the entirety of the partners’ landmark portfolio.

About The Project

Jakson Green explained that the Bikaner projects, which hold 25-year PPAs with the Solar Energy Corporation of India Limited (SECI – 280 MWp) and NHPC Limited (560 MWp), are now ready to enter construction. They will join the portfolio’s Bhawad 140 MWp Solar Project, which is already under construction and scheduled for commissioning this year.

The company added that within the 1 GWp Rajasthan Portfolio, the Bikaner projects alone will produce enough electricity annually to power the equivalent of over 1.5 million Indian households. Feeding into the Bikaner-III Interstate Transmission System (ISTS), the projects are expected to also drive local sustainable development and environmental initiatives benefiting the surrounding communities.

Both these companies have previously partnered for a 1-gigawatt (GW) solar portfolio in Rajasthan, representing a USD 400 million investment. The previous partnership focused on jointly developing and building 1 GW of green energy projects in India. The portfolio was funded through a combination of debt and equity, comprises three solar projects.

These previous projects include Intra-State Transmission System (InSTS) and Inter-State Transmission System (ISTS) projects with 25-year power purchase agreements (PPAs) secured via bidding from RUVNL, SECI, and NHPC. The three solar projects are expected to be progressively commissioned in 2025-2026.

Leadership View

On this occasion, Bikesh Ogra, Vice Chairman & Global CEO of Jakson Green said, “Securing financial closure for the Bikaner Solar Projects is a testament to both our ability to deliver on our unwavering commitment to advance India’s energy transition and the strength of our partnership with Blueleaf Energy. This demonstrates our ability to execute projects and reinforces our position as a trusted player in energy transition.”

Raghuram Natarajan, CEO of Blueleaf Energy, added, "We are delighted to announce the Bikaner 280 MWp Solar and Bikaner 560 MWp Solar projects’ financial close. Clearing this milestone puts us firmly on track to complete progressive commissioning of the solar portfolio in Rajasthan on schedule with Jakson Green."

“Completing the funding of our Rajasthan Solar Portfolio brings us a significant step closer to our goal of adding over 5 GW of renewable energy capacity to the Indian grid by 2030,” Pratyush Thakur, India Country Head for Blueleaf Energy, further added.