BluPine Energy on Monday said it has acquired power assets worth 369 megawatts (MW) of solar capacity from the Acme Group, taking its total renewable energy (RE) capacity to 2.4 gigawatts (GW).

The assets are spread across 14 special purpose vehicles (SPVs) in Uttarakhand, Punjab and Karnataka. BluPine Energy aims to expand its portfolio to 4GW of solar and wind power as well as hybrid assets, complemented with battery energy storage (BES) in the next five years.

Speaking to businessline, BluPine Energy CEO Neerav Nanavaty said: “By integrating these assets into its portfolio, BluPine reinforces its position as a significant player in the country’s rapidly evolving renewable energy landscape. The assets, strategically located across Uttarakhand, Punjab, and Karnataka, provide BluPine Energy a diversified geographical presence.

“With this acquisition, we are now present in 10 states, enabling them to bolster their renewable energy capacities and helping them meet their respective renewable purchase obligations.”

Abhishek Bansal, Partner, Energy Infrastructure at Actis, said the fund has an excellent track record in the Indian energy sector, having previously built and then sold two leading independent power producers in the country.

“We’re leveraging this experience to rapidly scale BluPine Energy and build it into a pillar of the Indian renewables sector. The platform has an important role to play in accelerating India’s energy transition, driving sustainability and a positive social impact,” he added.

Acme Group Chairman, Manoj Upadhyay, said: “This is our second successful collaboration with them. We relied on the expertise of Actis platform for this asset sale. At Acme Group, we continue to strengthen our presence in the renewable energy space, while simultaneously expanding the asset base.”

On integration of the recently acquired assets, Nanavaty said: “Leveraging our operational proficiency, the integration process will ensure a smooth transition, with operations set to commence seamlessly from Day 1 of acquisition. In ensuring a smooth handover, the teams are implementing and streamlining various activities to enhance the safety and integrity of the assets. In parallel, we have also commenced optimisation initiatives across the portfolio.”

When asked whether the company will go in for more acquisitions to scale up, he said the focus is on greenfield execution to build the pipeline BluPine has won, both on the utility scale and commercial and industrial (C&I) projects.

“Having said that, we will continue to explore one-off acquisition opportunities if they seem compelling -– from a strategic alignment, quality of construction, and value perspective,” Nanavaty added.