28 October 2026, SINGAPORE – Macquarie Asset Management’s (Macquarie)’s portfolio company, Blueleaf Energy (Blueleaf) has executed two agreements with Microsoft that will see new power generation capacity delivered in Japan.
Under the agreements, which were coordinated by Macquarie’s Energy Markets and Customer Solutions team, Microsoft will act as the sole offtaker through long-term Power Purchase Agreements (PPAs) for two solar projects being developed by Blueleaf.
The agreements build on a longstanding relationship between Macquarie and Microsoft, reflecting a shared focus on powering Microsoft’s expanding business operations through the delivery of new clean and cost-efficient generation capacity across multiple markets. Since 2020, the two businesses have worked together to secure high-quality offtake agreements from clean energy projects developed by Macquarie’s portfolio companies.
Projects supporting Microsoft span the UK, Spain, and India, representing a combined 540 MW of wind and solar capacity across three regions.
Ed Northam, Global Head of MAM Green Investments, said: “These agreements reflect a relationship that has grown through successful collaboration across multiple markets. We are pleased to work with Microsoft again, supporting its business goals through tailored clean energy solutions that help meet growing global demand for cost-efficient, low-carbon power that can be delivered quickly.”
Raghuram Natarajan, CEO of Blueleaf Energy said: “Our collaboration with Microsoft is more than a commercial agreement; it is a shared blueprint for a decarbonized future. By bridging the energy landscapes of Japan and India, we are setting a new benchmark for how regional expertise and collaboration can accelerate the delivery of much-needed new generation capacity. These new PPAs in Japan stem from a trust built on the foundation of our successful delivery of the Pachora Hybrid Power Project in India.”
This transaction comes as demand for electricity continues to grow, driven in part by the expansion of computing power, AI and digital infrastructure. The International Energy Agency (IEA) projects AI-driven energy demand will rise to three per cent of global electricity demand, reaching 950 TWh by 2030, up from 485 TWh in 20251. The IEA forecasts that renewables will meet nearly 50 per cent of this additional demand given its cost and timeline advantages.
The project will now commence construction under a Build, Own, and Operate (BOO) model and is on-track to be commissioned in mid-2027.
1 www.iea.org/reports/energy-and-ai/executive_summary
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Press Contacts
Blueleaf Energy
Jennifer Zdaniuk
PH: +65 8223 9198
E: jennifer.zdaniuk@blueleafenergy.com
Macquarie Group
Celina Cornwell
PH: +44 7 920 266 370
E: celina.cornwell@macquarie.com
About Blueleaf Energy
Blueleaf Energy is a leading pan-Asian renewable energy platform that develops, finances, owns, and operates onshore solar, wind, and storage assets. We are committed to accelerating the energy transition towards net zero and beyond, while upholding the highest environmental, social, governance, and safety standards. Serving corporate and industrial consumers alongside large utilities, we provide competitive, green energy solutions to help our customers achieve their sustainability targets.
Owned by a fund managed by Macquarie Asset Management, Blueleaf Energy operates in Southeast Asia, India, and Japan. The company currently has over 1.3 GWp of projects in operation or under construction, and a project pipeline that includes over 13 GWp of generation and approximately 7 GWh of storage assets in development.
All figures and information as at 31 July 2026.
About Macquarie Asset Management
Macquarie Asset Management (MAM) is a leading global asset manager, trusted by institutions,
individuals and communities to responsibly manage €431 billion in assets. MAM provides clients with a
diverse range of investment solutions that seek to deliver superior risk-adjusted returns.
Macquarie Asset Management is part of Macquarie Group, a diversified global financial services group
operating in asset management, retail and business banking, wealth management, as well as advisory,
and risk and capital solutions across debt, equity, financial markets and commodities. Founded in 1969,
Macquarie Group employs over 19,100 people in 30 markets and is listed on the Australian Securities
Exchange.
All figures and information as at 31 March 2026. For further information, visit www.macquarie.com