Actis acquires solar energy portfolio from Atha Group

Actis, through its portfolio company Bluepine Energy, a renewable wind and solar power generation and storage business, has completed the acquisition of a 404MWp operating pan-India solar portfolio from Atha Group. The acquisition will enable Bluepine to support India’s energy transformation by targeting 4GW 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 Rs 2,000 crore.

Actis has committed to invest up to $800 million in Bluepine through the Actis Energy 5 Fund, which represents $6 billion of investible capital and is focused on investing in global energy transition opportunities. Working with Actis’ in-house sustainability team, Bluepine will implement world-class governance standards, focusing on key areas including health and safety, procurement, skills training within communities, and biodiversity mitigation.

Sanjeev Agarwal, Partner, Energy Infrastructure, Actis said, “With energy demand increasing by 5 to 6 per cent every year, it is important that India meets the power needs of its population. Leveraging our experience building and operating Ostro Energy and Spring Energy, we are committed to building a large scale renewable energy platform that will be a key driver in India’s net zero journey. Bluepine Energy will build wind, solar and storage capabilities that provide clean, reliable electricity across India, with a core focus on sustainability and positive impact.

Bluepine CEO Nirav Nanavati said, “We are pleased to have completed this transaction, which not only brings a significant 404 MW of utility-scale solar capacity, but also provides seed assets for Bluepine Energy and expands our geographies. Increases footprint. In addition to deepening our renewable energy capabilities, this positions us well to meet our aggressive growth objectives in line with our business plan and become a key player in India’s clean energy transition.

Gaurav Atha, Promoter, Atha Group said, “Non-fossil fuel based power generation is critical to achieving India’s net-zero emissions target and Atha Group is proud to contribute towards this goal.”


https://www.thehindubusinessline.com/companies/actis-acquires-solar-energy-portfolio-from-atha-group/article66179395.ece

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