Infrastructure and real estate-focused private equity firm Actis, which sold its Indian renewable energy platform Sprng to Shell for $1.55 billion earlier this year, has inked a new deal in the sector in the country.
BluPine Energy, which Actis launched earlier this year, has acquired a 404MWp operating pan-India solar portfolio from the Atha Group. BluPine houses wind and solar power generation and storage business in India through a buy-and-build strategy with both government and commercial and industrial projects
The acquisition will enable BluPine to support India’s energy transition by targeting 4GWs of portfolio capacity over the next four-five years.
Actis had previously built two Indian renewable energy platforms, Ostro Energy and Sprng Energy, both of which were sold to key strategic players, becoming marquee transactions in the industry.
The PE group has committed to invest up to $800 million in BluPine through Actis’ Energy 5 Fund, which represents $6 billion of investable capital, and is focused on investing in global energy transition opportunities.
Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said: “With energy demand increasing by 5-6% every year, it’s vital that India can meet the electricity needs of its population. Leveraging our experience of building and operating Ostro Energy and Sprng Energy, we’re committed to building a renewable energy platform of scale which will be a key driver in India’s Net Zero journey.”
Neerav Nanavaty, CEO at BluPine, added: “We are delighted to complete this transaction which not only brings significant utility-scale solar capacity of 404 MWp, but also provides the seed assets for BluPine Energy and increases our geographical footprint.”
Actis has invested in over 70 renewable energy projects to date, with approximately 12GW of renewable energy capacity globally and is targeting another 12.5GW.
Kotak Investment Banking advised BluPine and Avendus Capital was the exclusive financial advisor to Atha Group on the transaction.
Since January, Actis has sealed three deals in India. These include two in the real estate vertical including one with Mahindra Lifespaces.
In May, it acquired life sciences-focused Indian real estate platform Rx Propellant. Actis also struck a large deal in the infrastructure sector by acquiring six road assets from Welspun.