BluPine Energy, a renewable wind and solar power generation and storage business and a portfolio company of Actis, has completed the acquisition of a 404MWp operating pan-India solar portfolio from the Atha Group.
The acquisition will enable BluPine to support India’s energy transition by targeting 4GWs of portfolio capacity over the next four to five years.
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.
Kotak Investment Banking advised BluPine and Avendus Capital advised Atha Group on the transaction.
