Talwar Thakore & Associates (TT&A) and Saraf and Partners have advised on the Blueleaf Energy wind power acquisition of a 40 MW operating wind asset in Belgaum, Karnataka. Blueleaf Energy India Investments acquired a 100% equity stake in Sanchore Renewable Private Limited from Virya Energy NV, adding a 40 MW wind power asset in Belgaum, Karnataka. This transaction marks a significant milestone in India’s renewable energy M&A landscape, with two prominent law firms anchoring the legal advisory mandates.
Introduction
Blueleaf Energy completed a 100% equity acquisition of a 40 MW operational onshore wind facility in Karnataka — its first purchase of a fully operating power asset in India — bought from Belgium-based Virya Energy NV via the SPV Sanchore Renewable Private Limited. The transaction was structured as a clean share acquisition of the special-purpose vehicle holding the wind asset. The operational wind farm has eight years of clean energy generation experience and complements Blueleaf Energy’s existing 1.5 GW greenfield portfolio across India.
Blueleaf Energy, owned by a Macquarie Asset Management fund, has expanded its portfolio with the acquisition of the 40 MW wind farm in the Indian state of Karnataka. The company secured its legal, finance, and tax structuring advice from Talwar Thakore & Associates (TT&A) and EY. The deal reflects a growing appetite among Macquarie-backed platforms for operating renewable assets in India alongside their greenfield development pipelines.
Legal Teams Involved
Talwar Thakore & Associates (TT&A) — Advised Blueleaf Energy India Investments
TT&A advised Blueleaf Energy on this acquisition. The transaction team consisted of Gautam Saha (Joint Managing Partner), Dushyant Bagga (Partner), Swati Chauhan (Partner), and Eshani Agarwal (Associate).
The transaction team was supported by TT&A’s projects team:
- Akshay Malhotra — Partner
- Pooja Menon — Partner
- Kush Saggi — Managing Associate
- Aishik Majumder — Senior Associate
- Kopal Bhargava — Associate
Saraf and Partners — Advised Sanchore Renewable Private Limited
Saraf and Partners advised Sanchore Renewable on this transaction. The transaction team was led as follows:
Transaction Team:
- Avirup Nag — Partner (led the transaction)
- Ankit Sahoo — Partner Designate
- Ashwini Panwar — Associate
- Sneha Smriti — Associate
Vendor Due Diligence Team:
- Ankit Sahoo — Partner Designate (led Vendor Due Diligence)
- Asima Ghosh — Principal Associate
- Ashwini Panwar — Associate
- Paritosh Bisen — Associate
- Sneha Smriti — Associate
Significance and Impact
This transaction carries strategic significance beyond its headline capacity. The deal signals a strategic shift from greenfield-only development: Blueleaf now holds both a 1.5 GW construction pipeline and an operating asset generating live revenue, compressing the wait for cash flow that greenfield projects impose.
“This acquisition marks an important milestone as our first operating asset purchase in India. Building upon our established success in greenfield development, we are now pursuing targeted M&A to accelerate our growth and scale our presence while maintaining a strong focus on delivering long-term value for India’s clean energy transition,” said Pratyush Thakur, Country Head, India, Blueleaf Energy.
The deal also underscores growing foreign institutional confidence in India’s renewable sector. Foreign direct investment into Indian renewables surged 50% year-on-year to US$3.76 billion in FY 2023-24, underpinned by India’s 100% automatic-route FDI policy that requires no prior government approval for overseas equity stakes in clean energy projects. For the legal market, the mandate demonstrates TT&A‘s continued role as a preferred counsel for Blueleaf Energy’s India transactions, and marks a notable renewable energy M&A instruction for Saraf and Partners. Track similar legal mandates on the Deal Meter.
The Blueleaf Energy wind power acquisition of Sanchore Renewable Private Limited represents a landmark transaction for both the company and its legal advisers. With TT&A steering the buyer-side mandate across transaction and projects workstreams, and Saraf and Partners managing the seller-side transaction and vendor due diligence, the deal showcases the depth of Indian legal expertise supporting cross-border renewable energy M&A. As Blueleaf Energy accelerates its M&A strategy in India, further acquisitions of operating assets are likely to follow.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
