PE firm Actis close to acquiring solar power portfolio from India's Shapoorji Pallonji

Photo: Pixabay

British private equity firm Actis is close to signing a deal to buy the solar power portfolio of Indian conglomerate Shapoorji Pallonji, three people aware of the development said on Tuesday.

The acquisition of Shapoorji’s 400 megawatt (MW) solar power portfolio will be done via a renewable platform owned by Actis named “Sprng Energy” at an equity valuation of around 11 billion rupees ($168 million), one of the people said, asking not to be named as final negotiations are ongoing.

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