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 decarbonised 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 2025.1 The IEA forecasts that renewables will meet nearly 50 per cent of this additional demand given its cost and timeline advantages.
The agreements were coordinated by Macquarie’s Energy Markets and Customer Solutions team, which specialises in structuring tailored power purchase agreements for portfolio companies, enabling delivery of energy and decarbonisation solutions to global corporates. Active across Europe, the Americas, Asia and Australia, the team has delivered more than 8 GW of renewable energy to date across 15 markets, including four renewable energy collaborations with Microsoft since 2020.
