Blueleaf Energy, a portfolio company of Macquarie Asset Management, has executed two long-term Power Purchase Agreements (PPAs) with Microsoft to supply clean electricity from two new solar projects under development in Japan.
Under the terms of the agreements, structured and coordinated by Macquarie’s Energy Markets and Customer Solutions team, Microsoft will act as the sole off-taker for the solar capacity. The deal marks the fourth corporate renewable energy collaboration between Macquarie-backed portfolio companies and Microsoft since 2020.
The Japanese transactions build on a global off-take partnership that encompasses 540 megawatts (MW) of wind and solar capacity across the United Kingdom, Spain, and India. The agreement follows Blueleaf’s previous execution of the Pachora Hybrid Power Project for Microsoft in India.
The expansion comes as digital infrastructure operators face rising power consumption driven by artificial intelligence and high-performance computing. According to International Energy Agency (IEA) projections, AI-driven energy demand is expected to reach 950 terawatt-hours (TWh) by 2030—accounting for 3 per cent of global electricity demand—up from 485 TWh in 2025, with renewables anticipated to meet nearly half of the incremental power requirements.
Key operational, commercial, and financial details of the agreement include:
- Regional coverage: Expands Microsoft’s corporate clean power off-take footprint into East Asia, adding to existing contracts managed by Macquarie portfolio companies in European and South Asian markets.
- Structuring advisory: Coordinated by Macquarie’s internal Energy Markets and Customer Solutions division, which has structured over 8 gigawatts (GW) of corporate PPAs across 15 global markets.
- Corporate decarbonisation pipeline: Supports Microsoft’s ongoing global goal to match operational electricity usage, including data centre energy consumption, with regional zero-carbon generation.
Ed Northam, Global Head of MAM Green Investments, stated that the long-term agreements demonstrate a repeatable model for delivering cost-efficient, low-carbon power tailored to tech corporate demand across multiple jurisdictions.
Raghuram Natarajan, Chief Executive Officer of Blueleaf Energy, noted that establishing PPAs in Japan builds directly on operational delivery lessons from earlier hybrid renewable projects in India, creating a regional blueprint for corporate clean energy deployment in Asia.
