Actis' BluPine snaps up 404-MWp Indian solar portfolio from Atha

BluPine Energy, a portfolio company of private equity firm Actis, has finalised the acquisition of the 404-MWp operational solar portfolio of Indian miner Atha Group, the parent company said on Thursday.

The value of the transaction was kept under wraps. According to earlier media reports, Actis has paid INR 21 billion (USD 257.2m/EUR 246.9m) for the purchase.

The newly acquired solar parks will be added to BluPine’s portfolio and will become its seed assets. The company was launched earlier in 2022 to develop utility-scale wind and solar projects, aiming to build a fleet of around 4 GW over the next four-five years.

Actis is poised to pour up to USD 800 million (EUR 768m) in BluPine through its Energy 5 Fund, the private equity firm said.

“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,” said Neerav Nanavaty, CEO at BluPine.

Actis noted it has so far invested in over 70 renewable energy projects globally totalling 12 GW and seeks to infuse money in an additional 12.5 GW.

(INR 10 = USD 0.122/EUR 0.118)

(USD 1.0 = EUR 0.960)

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