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BluPine Energy, backed by Actis, acquires 404 MW of solar energy assets

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  • BluPine Energy said it has completed the acquisition of 404 megawatts of operational solar assets from Atha group.
  • The acquisition will help BluPine meet its goal of reaching 4 gigawatts of capacity in the next four to five years.
  • Actis has committed to invest up to $800 million in BluPine through Actis’ Energy 5 Fund.


Renewable company BluPine Energy completed the acquisition of a 404 megawatt (MW) operational, pan-India solar portfolio from the Atha Group, it said Thursday. Financial details of the transaction were not disclosed.

The acquisition will help BluPine meet its goal of reaching 4 gigawatts (GW) of capacity in the next four to five years.

“We are pleased to complete this transaction, which not only brings a significant 404 MW of utility-scale solar capacity, but also provides the seeding assets for BluPine Energy and expands our geographic footprint. In addition to deepening our renewable energy capabilities, it positions us well to meet our aggressive growth goals in line with our business plan,” said Neerav Nanavaty, CEO of BluPine.

The company, which is backed by PE Major Actis, was launched last year. Actis has committed to invest up to $800 million in BluPine through Actis’ Energy 5 Fund. The fund represents $6 billion in investable capital and is focused on investing in global energy transition opportunities.

“With energy demand increasing by 5-6% every year, it is vital that India can meet the electricity needs of its people. BluPine Energy will build wind, solar and storage capacities that will deliver clean, reliable power across India with a core focus on sustainability and positive impact,” said Sanjiv Aggarwalenergy infrastructure partner at Actis.

Kotak Investment Banking advised BluPine and Avendus capital advised Atha Group on the transaction.

The Actis energy team invests worldwide in buy-and-build energy generation and distribution companies. It has invested in more than 70 renewable energy projects to date, with approximately 12 GW of renewable energy capacity worldwide and is targeting an additional 12.5 GW.

“Non-fossil fuel based generation is key to India achieving its net zero emissions target and Atha Group is proud to have contributed to this goal,” said Gaurav Atha, promoter of Atha Group.

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