Actis-backed BluPine Energy, a renewable wind and solar power generation and storage business, has acquired a 404-megawatt pan-India solar portfolio from the Atha Group.
Actis has committed to invest as much as $800 million in BluPine through its Actis’ Energy 5 Fund, which represents $6 billion of investable capital, and is focused on investing in global energy-transition opportunities. The acquisition provides the seed assets for BluPine Energy and will increase its geographical footprint, enabling BluPine to support India’s energy transition by targeting 4 gigawatts of portfolio capacity throughout the next four-to-five years.
Actis has invested in more than 70 renewable-energy projects to date, with about 12 gigawatts of renewable-energy capacity globally, and is targeting another 12.5 gigawatts. The company previously built two leading Indian renewable IPPs — Ostro Energy and Sprng Energy — both of which were sold to key strategic players.
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