Actis launches Leo Energies with 3 GW+ renewables and storage target in India

Actis, a London-based investor in sustainable infrastructure, has launched Leo Energies, its fourth renewable energy platform in India. The platform targets more than 3GW of solar, wind and battery storage capacity, building on Actis’ buy-and-build strategy which has previously delivered Ostro Energy, Sprng Energy as well as its current platform, BluPine Energy in the Indian renewable energy market.

BluPine Energy has already surpassed 3 GW of capacity since its launch in 2022.

The launch of Leo Energies builds on Actis’ long-standing track record in Indian renewables. The firm has deployed around $1.5 billion of equity capital in India’s energy sector, building or operating nearly 10 GW of installed generation capacity, making it one of the largest foreign private investors in the space.

Leo Energies has signed agreements to acquire 650 MWp of solar capacity, all of which is set to become operational at the time of acquisition. A total 160 MWp of generation and 50 MWh of battery energy storage system (BESS) projects have already closed, including 110 MWp of generation and 50MWh of BESS projects acquired from TrueRE Oriana Power.

The 650MWp portfolio stretches across Rajasthan, Tamil Nadu, Gujarat, Karnataka and Andhra Pradesh, and is contracted under long-term power purchase agreements (PPAs) with a mix of central offtakers, state discoms and commercial & industrial (C&I) customers.

The acquisitions align well with Leo Energies’ ambition of building a scaled renewable generation platform by leveraging significant growth opportunities across both utility and C&I segments. The business has further acquisitions and greenfield PPA auctions in sight, as part of its near-term pipeline.