Actis Eyes Strategic Exit from BluPine Energy Amid Renewables Boom – EQ
In Short : Actis is planning a full or partial sale of BluPine Energy, valuing the firm at $1.3–1.4 billion. Backed by an $800 million investment in 2021, BluPine manages 3 GW of renewable assets. The move aims to de-risk and unlock returns before project completion, following Actis’s successful exits from Sprng Energy and Ostro Energy in India.
In Detail : Actis, a UK-based private equity firm, is considering a full or partial sale of its stake in BluPine Energy, potentially valuing the company at $1.3 to $1.4 billion. The move is part of Actis’s broader strategy to accelerate returns and manage risks in the renewable energy sector.
BluPine Energy was established in 2021 with an $800 million investment from Actis. Since then, the Gurgaon-headquartered company has built a renewable energy portfolio of 3 GW, including 1.1 GW of operational projects and 1.9 GW under development. Its long-term goal is to scale up to 4 GW.
The company’s portfolio primarily consists of solar energy projects, which account for around 76% of its capacity, while the remaining comprises wind and hybrid energy assets. BluPine’s average tariff in the operational portfolio is ₹3.91 per unit, reflecting competitive pricing in India’s clean energy market.
Actis is seeking a quicker monetization of BluPine, possibly even at slightly discounted valuations, to reduce its exposure ahead of project construction completion. This approach aligns with the firm’s aim to enhance capital returns and support future fundraising plans.
This potential divestment follows Actis’s successful exits from Indian renewable energy ventures in recent years. In 2022, it sold Sprng Energy to Shell for $1.55 billion, and in 2018, it exited Ostro Energy through a sale to ReNew Power.
Investor interest in India’s renewable energy platforms remains strong despite a slowdown in overall market activity. Other players like Gentari and Edelweiss are also exploring partial or full exits, suggesting continued momentum in the sector for well-performing assets.
