Actis Buys 400MW Solar Assets Of Kolkata-Based Atha Group

Highlights :

  • The equity value had been pegged at $100 million under the deal.
  • Blupine Power Pvt. Ltd – the power platform of Actis – will get the possession of the solar energy assets from Atha.

In a key development, Actis LLP has emerged successful in the bid to obtain solar power based assets of 400 MW from Kolkata-based Atha Group. The equity value had been pegged at $100 million. As per reports, sale purchase agreement is already inked between the two companies. The deal of the solar power assets is worth Rs 2100 crore.

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As many as nine key renewable energy players including Torrent Energy, Ayana Renewable Energy and Sembcorp Industries looked to purchase the solar assets of Atha. Only Ayana and Actis stood in the race when Actis emerged as a successful bidder.

Avendus Capital served Atha Group in clinching the deal while Actis was served by Kotak Funding Banking. According to reports, the deal will be complete in the coming two months. As per the deal, Blupine Power Pvt. Ltd will get the possession of the solar energy assets from Atha. Blupine is a power platform of Actis which constructs grid-connected solar energy and wind energy projects.

Blupine Power will now have 500 MW of total portfolio once the deal comes through. The company has 100 MW of wind energy assets that it got through Gujarat auctions. Actis has kept a separate fund of $850 million in Blupine.

Actis is investing in the emerging markets only and it has dedicated $2.1 billion for India. Along with global energy player Shell, Actis may complete the deal of Sprng Power for a value of $1.55 billion. Sprng Power maintains solar and wind assets of 2.9 GW.

Other Deals In Indian Market

Many other deals have been made in the Indian market as far as inexperienced power offers are concerned. Recently, JSW Group has inked a pact to take over Mytrah Power India Pvt Ltd – power generator – for a consideration of $2 billion possibly.

Asset supervisor BlackRock and UAE’s sovereign wealth fund Mubadala are leading a consortium that will invest about Rs 4,000 crore for over 10 per cent stake in Tata Energy Renewables.

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