TT&A, AZB, and Khaitan act on Blueleaf Energy's $400 million investment in Jakson Group SPVs

TT&A, AZB & Partners, and Khaitan & Co. are acting on Blueleaf Energy India Investment Pte. Ltd's proposed $400 million investment in three special purpose vehicles (SPVs) owned by the Jakson Group.

These SPVs, JGRJ One Solar Private Limited, JGRJ Two Solar Private Limited, and JGRJ Solar Private Limited, are developing a 1 GW solar project portfolio in Rajasthan, India.

TT&A is advising Blueleaf Energy on this investment deal.

The transaction team consists of Gautam Saha (Joint Managing Partner), Dushyant Bagga (Partner), Akshay Malhotra (Partner), Pooja Menon (Managing Associate), Kush Saggi (Managing Associate) Aditi Somani (Senior Associate) and Divya Kumar (Associate).

AZB & Partners acted as the legal due diligence counsel for Blueleaf Energy.

Khaitan & Co acted as the legal advisor of Jakson Green, a part of the Jakson Group.

The core team consisted of Ashutosh Sharma (Partner), Atif Ahmed (Senior Associate) and Madhav Chandan (Associate) with assistance from the following:

Energy and Infrastructure aspect: Atman Desai (Partner), Akshita Amit (Principal Associate), Hetashri Khajanchi (Associate), Kuhoo Mishra (Associate) and Shrey Mahajan (Associate);

Banking and Corporate Guarantee aspect: Kumar Saurabh Singh (Partner) and Savni Tewari (Principal Associate).

The proposed investment by Blueleaf Energy is expected to accelerate the development and construction of these solar projects, which are slated to be commissioned between 2025 and 2026. The combined output of these projects is estimated to generate over 1,800 gigawatt-hours (GWh) of green energy annually, enough to power over 1.5 million households in India. This initiative will not only contribute to meeting the increasing energy demands of the country but also play a crucial role in reducing carbon emissions and promoting sustainable development.

The three SPVs are engaged in establishment and development of 3 (three) solar power projects located in Rajasthan, which were secured by Jakson via competitive bidding from Rajasthan Urja Vikas and IT Services Limited, Solar Energy Corporation of India, and National Hydroelectric Power Corporation Limited.

Blueleaf Energy is a leading pan-Asian renewable energy platform owned by Macquarie Asset Management. With a strong focus on developing, constructing, and operating high-quality renewable energy projects, Blueleaf has a significant presence across the region.

The Jakson Group is a diversified Indian conglomerate with a strong presence in the energy, engineering, and infrastructure sectors. With decades of experience, the group has established itself as a reliable and innovative player in the power and renewable energy space. Jakson Green, a part of the Jakson Group, is focused on developing and executing renewable energy projects, contributing significantly to India's clean energy goals.

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