Actis backed BluPine Energy acquires 404 MW solar power assets
BluPineEnergy said that it has completed the acquisition of 404 megawatt operating solar power assets from Atha group.
- The acquisition will help BluPine towards its target of achieving 4 gigawatts of capacity over 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) operating, pan-India solar power portfolio from the Atha Group, it said on Thursday. The financials of the transaction were not mentioned.
The acquisition will help BluPine towards its target of achieving 4 gigawatts (GW) of capacity, in the next four to five years.
“We are delighted to complete this transaction which not only brings significant utility-scale solar capacity of 404 MW, 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,,” said Neerav Nanavaty, CEO at 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 of investable capital, and is focused on investing in global energy transition opportunities.
“With energy demand increasing by 5-6% every year, it’s vital that India can meet the electricity needs of its population. 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
Kotak Investment Banking advised BluPine and
Actis’ energy team invests on a global scale in buy-and-build power generation and distribution businesses. It has invested in over 70 renewable energy projects to date, with approximately 12GW of renewable energy capacity globally and is targeting another 12.5GW.
“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,” said Gaurav Atha, promoter of Atha Group.
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