facebook-page-view
Advertisement

Actis-backed Blupine Energy acquires select India assets from Acme Group

By Sreeja Biswas

  • 04 Mar 2024
Actis-backed Blupine Energy acquires select India assets from Acme Group
Neerav Nanavaty, CEO, BluPine Energy

BluPine Energy Pvt. Ltd, a renewable energy platform established in India by the UK-based private equity firm Actis, on Monday said it has completed the acquisition of 369 megawatts (MW) solar power assets from Indian renewable energy producer Acme Group.

While, the companies declined to disclose transaction details of the deal, given the asset size, the enterprise value is likely to be around $200 million (Rs 1,658 crore).

The acquisition encompasses solar capacity assets dispersed across 14 special purpose vehicles (SPVs) located in Uttarakhand, Punjab and Karnataka. The deal will also propel BluPine Energy’s cumulative renewable capacity to 2.4 gigawatts (GW), according to a company statement.

Advertisement

"The renewable energy sector in India continues to witness remarkable growth. With the high-quality solar assets in our portfolio, we aim to solidify our commitment to driving positive change in India's energy sector,” said Neerav Nanavaty, chief executive officer of BluPine Energy.

BluPine Energy, formed by Actis with an $800-million investment from Actis' fifth energy-focussed vehicle, is looking to develop a renewable energy portfolio exceeding four GW in India.

“At Acme Group, we continue to strengthen our presence in the renewable energy space while simultaneously expanding the asset base,” said Manoj Upadhyay, founder, chairman and managing director of Acme Group.  
 
A proactive investor in India, Actis operates particularly within the infrastructure and renewable energy sector. It had a subdued 2023 after a dynamic 2022 where it closed deals exceeding $1 billion.

Advertisement

Earlier this year, Actis monetised its local investment by acquiring four road assets from Patel Infrastructure in February. Founded in 2004, it has raised $24 billion for investment.

Last year, VCCircle reported that Actis planned to focus on hybrid solar power generation projects via BluPine, its third renewable energy platform in India.  

Meanwhile, Acme Group, established in 2003, focusses on cleantech sectors, including solar, green hydrogen, ammonia, and sustainable green protein development. It has a solar power portfolio with an aggregate capacity of over 5,500 MWp (megawatt-peak).

Advertisement

Acme has witnessed substantial growth from 15 MWp in December 2011 to over 2,900 MWp in operational solar power projects. The remaining 2,600 MWp is in various stages of development, spanning across 12 Indian states.

Share article on

Advertisement
Advertisement