Actis backed BluPin Energy completes acquisition 404 MWp solar portfolio from Atha Group
New Delhi, Nov 24 (PTI) Global investor Actis on Thursday said its firm BluPin Energy has completed the acquisition of a 404 MWp solar portfolio from Atha Group.
The acquisition will enable BluPine to support India's energy transition by targeting 4 GWs of portfolio capacity over the next 4 to 5 years, a statement said.
"Actis, a leading global investor in sustainable infrastructure, has announced that its portfolio company, BluPine Energy, a renewable wind and solar power generation and storage business, has completed the acquisition of a 404MWp operating pan-India solar portfolio from the Atha Group," the company said.
Actis has a proven track record in building and operating renewable energy businesses of scale in India by introducing highly experienced sector-focused management teams and supporting them with its global network and expertise, creating sustainability leaders in the energy space.
Actis has previously built two leading Indian renewable IPPs (independent power producers) -- Ostro Energy and Sprng Energy -- both of which were sold to key strategic players, becoming marquee transactions in the industry.
Actis has committed to invest up to USD 800 million in BluPine through Actis' Energy 5 Fund, which represents USD 6 billion of investable capital, and is focused on investing in global energy transition opportunities, as per the statement.
Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis, said: "With energy demand increasing by 5-6 per cent 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 is a renewable energy platform established by Actis, targeting 4GW capacity of utility-scale solar, wind and storage projects through a buy-and-build strategy with both government and C&I PPAs (commercial and industrial, power purchase agreements) across India. PTI KKS KKS BAL BAL