Actis’ Renewable Business Acquires 404 MW Solar Portfolio from Atha Group
Actis to invest up to $800 million in BluPine
Private equity firm Actis-backed BluPine Energy acquired 404 MW of solar assets from Kolkata-based mining company Atha Group. The company’s operational solar portfolio is spread across India.
Actis said that the acquisition would enable BluPine, which was formed earlier this year, to support India’s energy transition by targeting 4 GW of portfolio capacity over the next 4-5 years.
The London-headquartered investor aims to operationalize the 4 GW capacity through a buy-and-build strategy with power purchase agreements (PPAs) with both government and the commercial and industrial (C&I) segment.
Actis has committed to invest up to $800 million in BluPine through Actis’ Energy 5 Fund, which represents $6 billion of investable capital. The fund is primarily focused on making investments in energy transition opportunities worldwide.
The private equity firm has built two leading Indian renewable independent power producers (IPPs), Ostro Energy and Sprng Energy, both of which were sold to key strategic players.
To date, Actis has invested in more than 70 renewable energy projects globally and has around 12 GW of renewable capacity. It aims to add a further 12.5 GW to its portfolio.
BluPine will work with the in-house sustainability team of Actis to implement world-class governance standards, with a focus on significant sectors, including health and safety, procurement, skills training within communities, and biodiversity mitigation, Actis said in a statement.
Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said, “Leveraging our experience of building and operating Ostro Energy and Sprng Energy, we’re committed to building a renewable energy platform of scale that will be a key driver in India’s net zero journey. BluPine Energy will build wind, solar, and storage capabilities that deliver clean, reliable power across India with a core focus on sustainability and positive impact.”
Neerav Nanavaty, CEO, BluePine said, “We are delighted to complete this transaction which not only brings the significant utility-scale solar capacity of 404 MW but also provides the seed assets for BluPine Energy and increases our geographical footprint.”
Gaurav Atha, Promoter, Atha Group, said, “Non-fossil fuel-based power generation is key to India achieving its net-zero emissions goal, and Atha Group is proud to have contributed towards this goal. Mergers and acquisitions are a core part of Atha Group’s strategy to create value for its stakeholders.”
Last month, an investment firm Global Infrastructure Partners acquired Atlas Renewable Energy from Actis.
Earlier this year, Actis inked definitive transaction documents to acquire a controlling stake in Yellow Door Energy, a leading distributed C&I solar platform in the Middle East and Africa with around 200 MW of secured production capacity.