London-based private equity firm Actis Llp-backed BluPine Energy has acquired Atha Group’s pan-India solar portfolio with an operating capacity of 404MW.
The enterprise value of Atha’s solar assets is estimated at around $257 million (Rs. 2,100 crore), Mint reported.
BluPine Energy is a renewable energy platform established by Actis, targeting 4GW capacity of utility-scale solar, wind and storage projects through a buy-and-build strategy across India.
Actis has committed to invest up to $800 million in BluPine through the Actis Energy 5 Fund.
Last year, Actis completed fundraising for Actis Energy 5, significantly exceeding its $4 billion target. With over $4.7 billion of fund commitments and significant co-investment, the firm had said then it expects to deploy around $6 billion of investable capital.
“Actis has previously built two leading Indian renewable IPPs, Ostro Energy and Sprng Energy, both of which were sold to key strategic players, becoming marquee transactions in the industry,” the PE major said in a statement.
The Atha Group deal follows Actis’s sale of its Indian renewable energy platform Sprng Energy at an enterprise value of $1.55 billion to energy major Shell Plc.
In another landmark deal, Ostro Power was acquired by Renew Power in 2018.
“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 that will be a key driver in India’s Net Zero journey,” Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said.
Actis has invested in over 70 renewable energy projects to date, with approximately 12GW of renewable energy capacity globally and is targeting to add another 12.5GW. Since January, Actis has completed three deals in India including Mahindra Lifespaces, Rx Propellent and six road assets from Welspun. Actis has invested in financial services, energy and real estate sectors in India.