Key Takeaways

• Actis has engaged Standard Chartered Bank to advise on the $2 billion sale of BluPine Energy, a significant renewable energy platform in India.
• BluPine Energy, with a capacity of 4 gigawatts, is part of Actis’s successful investment track record, previously selling other energy ventures.
• Renewable energy deal activity remains strong as private equity investors seek timely exits from their investments.

Sale of BluPine Energy

UK-based private equity firm Actis has selected Standard Chartered Bank to assist in the sale of BluPine Energy, which is valued at approximately $2 billion. This decision comes as part of a larger trend in the renewable energy sector, where private equity investors are actively seeking exits from their investments.

BluPine Energy is one of Actis’s larger renewable energy initiatives in India, boasting a capacity of 4 gigawatts. The firm has a proven track record in the renewable energy market; it previously incubated and sold Ostro Energy to ReNew and Sprng Energy to Shell. These successful transactions have solidified Actis’s reputation as one of the leading foreign investors in India’s renewable sector.

The contemplation of BluPine’s sale has been ongoing for over a year. Reports from July 2022 indicated that Actis was exploring the possibility of a sale, with plans to finalize certain projects before officially launching the sale process. According to sources, this phase is now complete, paving the way for the sale to proceed.

Despite inquiries, neither Actis nor Standard Chartered Bank has responded to requests for comments as of the latest deadline.

The ongoing activity in the renewable energy sector highlights a sustained interest from investors. For instance, Shell has recently announced the sale of Sprng Energy, which it acquired from Actis just three years prior, as the company shifts its focus back to core oil exploration. Similarly, Macquarie facilitated the sale of Vibrant Energy to Inox Clean Energy. Additionally, the global infrastructure partners backing Veena Energy are also looking to divest, with multiple investors interested in the asset, as reported in January.

This trend showcases a dynamic environment in the renewable energy market, characterized by strategic movements and investment exits. As Actis embarks on the sale of BluPine Energy, it reflects the broader shifts and ongoing developments within the industry.

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