BluPine Energy acquires 369 MW of solar assets from Acme Group

BluPine Energy, a renewable energy services company established in India by UK investor Actis, has announced the acquisition of 369 MW of solar power assets from the Acme Group.

The acquired solar projects are spread across 14 special-purpose vehicles in the states of Uttarakhand, Punjab, and Karnataka, and increase BluPine Energy’s total renewable capacity to 2.4 GW.

Neerav Nanavaty, CEO of BluPine Energy, said, “The renewable energy sector in India continues to witness remarkable growth. This acquisition is a testament to BluPine Energy’s dedication to fostering a sustainable future through renewable energy solutions.”

The sale of 369 MW of solar power assets is Acme’s second collaboration with BluePine Energy.

Manoj Upadhyay, founder, chairman and managing director of ACME Group, said “The sale of 369 MW solar power assets to BluPine Energy highlights our commitment towards the long-term renewable energy power need of India…We relied on the expertise of Actis platform for this asset sale. At Acme Group, we continue to strengthen our presence in the renewable energy space while simultaneously expanding the asset base.”

BluPine Energy aims to develop a state-of-the-art 4+ GW renewable energy portfolio, exclusively in India, with a $800 million investment from Actis’ Energy Fund 5.

Abhishek Bansal, Partner, Energy Infrastructure at Actis, added, “Actis has an excellent track record in the Indian energy sector, having previously built and then sold two leading independent power producers in the country. We’re leveraging this experience to rapidly scale BluPine Energy and build it into a pillar of the Indian renewables sector.”