Actis LLP backed BluPine Energy has bought 404 MWp of solar assets from Kolkata-headquartered Atha Group, the London based private equity firm (Actis LLP) announced on November 24.
“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,” said Neerav Nanavaty, CEO at BluPine.
BluPine Energy, a portfolio company of Actis LLP, is into wind and solar power generation and is in the storage business as well. The acquisition is a step towards achieving BluPine’s target of creating a portfolio capacity of 4 gigawatts (GW) in the next 4-5 years.
“With energy demand increasing by 5-6% every year, it’s vital that India can 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,” said Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis.
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.“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. Mergers and Acquisitions is a core part of the Atha Group strategy to create value for its stakeholders,” said Gaurav Atha, Promoter, Atha Group.