BluPine Energy Acquires 369 MW Solar Assets From Acme Group

BluPine Energy, a leading renewable energy services company established in India by Actis, has announced the successful acquisition of 369 megawatts of solar capacity power assets from the Acme Group.

This strategic acquisition marks a significant milestone for BluPine Energy, taking its total renewable energy capacity to 2.4 Gigawatts, placing it squarely in the top tier of players with over 2 GWs of operating capacity. The acquisition includes 369 megawatts of solar capacity power assets spread across 14 special purpose vehicles in the states of Uttarakhand, Punjab, and Karnataka.

Speaking on the acquisition, 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. We are thrilled to incorporate these high-quality solar assets into our portfolio, further solidifying our commitment to driving positive change in India’s energy sector.”

Manoj Upadhyay, Founder, Chairman and Managing Director of ACME Group, said “The sale of 369 MW solar power assets to BluPine Energy is our second successful collaboration with them. 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.”

With an investment of USD 800 million from Actis’ Energy Fund 5, BluPine Energy is dedicated to developing a state-of-the-art 4+GW renewable energy portfolio, exclusively in India. Blupine has also active in the bidding for new tenders, where it has had some notable wins in recent months.

The acquisition underlines the opportunities global players see in the Indian market, while also providing existing developers an opportunity to monetise or recycle their assets for other investments. Recent deals involving ReNew power selling 300 MW of assets to Indigrid for $199 million have also marked the trend of developers selling existing assets to ensure liquidity for future projects.