BluPine Energy, a subsidiary of the London-based private equity firm Actis, has acquired solar power assets from the Acme group for an enterprise value of ₹1,700 crore. This significant deal involves assets that are contained within 14 special purpose vehicles. The acquisition marks a major expansion for BluPine Energy, adding 312 megawatts of solar capacity to its portfolio. BluPine Energy was established in 2021 and has quickly grown its capacities through acquisitions, now boasting a renewable capacity of 1.8 gigawatts.
This deal follows BluPine Energy’s acquisition of 400 megawatts of solar projects from the Atha Group in November of the previous year. Actis, which manages assets worth $12.73 billion, had earlier announced plans to invest $800 million (approximately ₹6,666 crore) in BluPine Energy, aiming to eventually ramp up the capacity to 4 gigawatts. A significant portion of this expansion is expected to come from acquisitions.
Actis has a notable history in the renewable energy sector in India, having successfully built and divested two renewable energy companies, Ostro Energy and Sprng Energy. Ostro Energy was sold to ReNew Power in 2018 for $1.63 billion, and Sprng Energy was sold to Shell for $1.55 billion last year.
The Acme group, founded by Manoj Upadhyay and headquartered in Gurugram, has a substantial portfolio in the solar energy sector, with almost 10 gigawatts under construction and 1.5 gigawatts of operational solar power projects. The practice of divesting assets periodically is common among renewable energy companies like Acme, as it generates funds for reinvestment in new projects.
This transaction is part of a dynamic landscape of green energy deals in India, which has seen increased interest from various players such as CPPIB-backed ReNew Energy Global, BP Plc, Statkraft, I Squared Capital, and others. The broader industry is experiencing a surge in high-profile transactions in clean energy assets.
The Indian government has set an ambitious target to build almost 500 gigawatts of renewable energy capacity by 2030, attracting major conglomerates like Tata, Adani, JSW, and Birla to the renewable energy generation business.