BluPine Energy Acquires 369 MW of Solar Assets from ACME Group

The company’s total renewable capacity now stands at 2.4 GW

March 4, 2024


Gurgaon-based BluPine Energy has expanded its renewable energy portfolio by acquiring 369 MW of solar power assets from the ACME Group.

The deal covers 14 special purpose vehicle solar projects located across Uttarakhand, Punjab, and Karnataka. With this acquisition, BluPine’s total renewable capacity has grown to 2.4 GW.

“Integrating these high-quality solar assets into our portfolio further solidifies our commitment to driving positive change in India’s energy sector,” said Neerav Nanavaty, CEO of BluPine Energy.

“Sale of 369 MW solar power assets to BluPine Energy highlights our commitment towards the long-term renewable energy power need of India. This is our second successful collaboration with them. We relied on the expertise of Actis platform for this asset sale,” said Manoj Upadhyay, Founder of ACME Group.

BluPine Energy, which is backed by an $800 million investment from Actis’ Energy Fund 5, aims to develop a 4+ GW renewable energy portfolio exclusively in India, providing low-carbon solutions through solar, wind, and storage assets.

Last month, BluPine and ACME, among other firms, were declared winners in NHPC’s auction to supply 1.5 GW of firm and dispatchable renewable power from inter-state transmission system-connected projects coupled with energy storage systems anywhere in India. A total of 1,400 MW capacity was awarded out of 1,500 MW.

Earlier, the two companies also emerged winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar power projects anywhere in India with a committed supply for at least six hours from an energy storage system during peak demand periods.

Late last year, BluPine announced the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project in Gujarat. The green loan financing for the project was secured from Standard Chartered.