Actis, through its portfolio company BluPine Energy, a renewable wind and solar power generation and storage business, has completed the acquisition of a 404MWp operating pan-India solar portfolio from the Atha Group. The acquisition will enable BluPine to support India’s energy transition by targeting 4GWs of portfolio capacity over the next 4 to 5 years. The company did not disclose the value of the deal but industry sources said it is around ₹2,000 crore.

Actis 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. Working with Actis’ in-house Sustainability team, BluPine will implement world-class governance standards, focusing on key areas including health and safety, procurement, skills training within communities and biodiversity mitigation.

Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said, “With energy demand increasing by 5 to 6 per cent every year, it’s vital that India 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. 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 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. In addition to deepening our renewable energy capabilities, it positions us well to meet our aggressive growth objectives in line with our business plan and to be a key player in India’s clean energy transition.”

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..”

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