BluPine Energy, a subsidiary of Actis Llp, has acquired the 404 megawatt (MW) solar power assets of Kolkata-based Atha Group, the London-based private equity firm announced on Thursday. The enterprise value of Atha’s solar assets in the deal is around Rs. 2,100 crore.
Actis Llp won the bid to acquire Atha Group’s solar power projects for an equity value of around $100 million on August 9, with the sale purchase agreement signed. This comes on the heels of Actis selling its Indian renewable energy platform Sprng Energy to energy giant Shell Plc for $1.55 billion.
Blupine Energy creates grid-connected solar and wind energy parks, as well as commercial and industrial projects. The commercial and industrial sector has drawn investors who intend to supply power to third-party as well as captive consumers in India, who prefer such suppliers over relying on a more expensive electricity grid.
BluPine and Atha Group were advised by Kotak Investment Banking and Avendus Capital, respectively. Torrent Power, Ayana Renewable Power, Sembcorp Industries, and Actis were among the nine companies that expressed interest in acquiring Atha’s solar assets. Finally, Ayana and Actis remained in the running, with Actis placing the winning bid.
Blupine Energy is Actis’ third clean energy firm in India, following the sale of Ostro Energy to ReNew Power Ventures in 2018 for $1.5 billion. Actis manages $15 billion in assets and has invested in 70 green energy projects worldwide totaling 12 GW capacity, with an additional 12.5 GW capacity planned. Actis, which only invests in emerging markets, has so far made investments in the Indian financial services, energy, and real estate sectors.
As several green energy deals are in the works, including Canada Pension Plan Investment Board (CPPIB)-backed ReNew Energy Global Plc looking to sell 1 gigatonne (GW) of operational clean energy capacity for around $1 billion; global oil major BP Plc, Norway’s state-run electricity firm Statkraft, and New York-based I Squared Capital bidding to buy Continuum Green Energy (India); and Singapore’s Sembcorp. TPG is also looking to sell its stake in Fourth Partner Energy, a renewable energy company.
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