Blueleaf Energy has agreed to acquire a significant stake in Jakson Green's 1 GW solar energy portfolio for an enterprise value of $400 million.
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Both parties plan to expand the partnership to build another 4GW renewable portfolio in India by 2030.
«We are a young company with growth plans in multiple areas of sustainable energy each needing growth capital and therefore this partnership allows us to allocate our capital for every business,» Bikesh Ogra, managing director & global CEO, Jakson Green, told ET. «A partnership with a global investor gives us respectability in the generation space.»
Jakson Green is a two-year-old company majority controlled by Jakson Ltd, which mainly manufactures diesel generators. Jakson Green, which aims to build a 5 GW renewable generation portfolio, has a green EPC business in half a dozen countries.
Under the deal, Blueleaf will hold separate stakes in three solar projects in Rajasthan for which Jakson has secured power purchase agreements (PPAs) and acquired 70% of the land. These projects also have grid connectivity in place.
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