Microsoft Signs Two Solar PPAs With Macquarie's Blueleaf in Japan
Blueleaf Energy, owned by Macquarie Asset Management, signed two long-term PPAs on Oct. 28 with Microsoft as sole buyer of two Japan solar projects. Capacity, term and price were not disclosed.
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Illustrative image from Blueleaf Energy's website; it does not show the two Japan projects, whose sites have not been disclosed.
Image: Blueleaf Energy
Source · Press image from the Blueleaf Energy website, used for news reporting.
Microsoft will be the sole buyer of the electricity from two new solar projects in Japan under long-term power purchase agreements (PPAs) with Blueleaf Energy, a portfolio company of Macquarie Asset Management, Macquarie said in a press release dated Oct. 28, 2026.
Two PPAs make Microsoft the sole buyer of two Blueleaf solar projects in Japan; capacity, sites, term and price are not disclosed.
Illustration (AI-generated)
Blueleaf is developing both projects. Macquarie's Energy Markets and Customer Solutions team coordinated the agreements, according to the release. ESG News reported that the companies did not disclose the projects' capacity, locations, contract length, pricing or start of operations.
What is known about the Japan projects
Macquarie did not give a commissioning date. Without a megawatt figure, the deal cannot yet be sized against Microsoft's load in Japan.
The agreements follow Microsoft's plan to invest $10 billion in Japan from 2026 through 2029, ESG Today noted. Blueleaf CEO Raghuram Natarajan tied the Japan deals to the Pachora Hybrid Power Project in India, which Blueleaf delivered earlier.
Where this sits in Microsoft's power buying
Macquarie said it has worked with Microsoft since 2020 and has four renewable energy collaborations with the company. Projects supporting Microsoft in the UK, Spain and India total 540 MW of wind and solar capacity, the release said. The Japan pair is not included in that figure.
Solar offtake is intermittent supply, not firm power. Microsoft's AI sites also draw on other sources, such as the 422 MW Rome, Georgia campus that Voltgrid reported would take its power from Georgia Power.
Macquarie framed the deals against data-center growth. Citing the International Energy Agency (IEA), it said AI-driven electricity demand will rise from 485 TWh in 2025 to 950 TWh by 2030, about 3% of global electricity demand, and that renewables should meet nearly half of the additional demand.
Price is the second thing to watch. LevelTen's Q3 index put the solar PPA price at $64.23/MWh, a benchmark that says nothing about the Japanese terms, which Microsoft and Blueleaf have not published.
What is not confirmed yet
The size of each project, the sites, the PPA term, the price and the commissioning date are all undisclosed in the primary release. Microsoft has not been quoted in the Macquarie announcement. Until Blueleaf or Microsoft publishes a megawatt figure, the contracts show intent to buy new Japanese solar output, not a measured addition to supply.
