Actis’ Athena Renewable Energy Attracts Bids from SEIT, IndiGrid, and Anzen InvIT

Key Takeaways

Multiple investors are in talks to acquire Athena Renewable Energy, owned by UK-based Actis.
Bidders include SEIT, IndiGrid, and Anzen InvIT, with enterprise valuation estimated between ₹2,300-2,500 crore.
Athena operates approximately 550 MW of renewable energy capacity under long-term power purchase agreements.

Acquisition Talks for Athena Renewable Energy

Several private investors and trusts are engaged in discussions to acquire Athena Renewable Energy, a prominent Indian renewable energy platform. This organization is controlled by Actis, a private equity firm based in the UK. Notable interested bidders consist of SEIT, an energy infrastructure investment trust (InvIT) supported by Mahindra Susten; IndiGrid, which has backing from KKR; and Anzen InvIT, sponsored by Sekura Energy, a firm owned by Edelweiss.

These investors have reportedly submitted binding bids following a comprehensive due diligence process. The potential transaction could value Athena at an enterprise level between ₹2,300 crore and ₹2,500 crore. Currently, the platform operates approximately 550 MW of renewable energy capacity.

In January, it was first disclosed that Actis intended to sell Athena and had appointed Kotak Mahindra Capital to oversee the sales process. As part of this initiative, Actis reached out to a select group of prospective buyers, including Hexa Climate Solutions, IndiGrid, Ontario Teachers’ Pension Fund, Sekura Energy, and Jindal Renewables.

Actis acquired Athena in 2020, inheriting a solar portfolio that consists of two significant projects located in India—Rewa and SECI AP. Athena generates 100% of its power through long-term power purchase agreements (PPAs) totaling 25 years with government-owned entities and distribution companies. The offtakers associated with these agreements benefit from a credit quality equivalent to that of the central government, according to Actis’ website.

Efforts to obtain comments from Actis, Mahindra Susten, Sekura Energy, and IndiGrid prior to publishing remained unanswered, leaving some details about the acquisition process still undisclosed. The growing interest from various investors highlights the increasing potential and attractiveness of India’s renewable energy sector.

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