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Actis, a global investor in sustainable infrastructure – which was in the news recently for its sale of Sprng Energy to Shell for $ 1.55 billion – has incorporated a company in India for developing renewable energy and storage assets in India.
Blupine Energy Pvt Ltd was formally incorporated in June 2021 with ₹16 crore paid-up capital but is expected to get active now, with an initial corpus of $800 million, BusinessLine has learnt from sources.
Up till now, Actis has been invested in India through its funds. For example, the renewable energy company, Sprng Energy, was established in 2017 out of its ‘Actis Energy 4 fund’. In October 2021, Actis announced its latest fund, Actis Energy 5, had closed with US$6 billion of investable capital, “which will be used to mobilize further capital towards the global energy transition,” according to a press release from Actis.
From what sources say, Actis now intends Blupine Energy to be its platform in India for building renewable energy and storage assets in India. In his LinkedIn profile, S K Mathusudhana, who describes himself as ‘core management team member’, says that Actis, UK, have funded Blupine Energy, “which (Blupine) shall develop and operate solar, wind, storage assets in India.”
The company’s filings mention Jitesh Agarwal, Abhishek Bansal, Rishab Mahnot as directors and Neerav Nanavaty as ‘additional director’. Agarwal, Bansal and Mahnot come from Sprng Energy. It is learnt that Nanavaty is the CEO of Blupine Energy.
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