Actis Forms Blupine Energy to Develop renewable energy in India

Highlights :

  • Blupine Energy will delve in holistic development and operation of solar, wind and storage assets in India.
  • The statutory filings reveal that Jitesh Agarwal and Abhishek Mahnot are the directors of the company while Neerav Nanavaty will be the company CEO.

Actis has incorporated Blupine Energy Pvt Ltd, a company in India to develop renewable energy projects and store assets in India. In June, 2021, Actis had officially incorporated Blupine Energy in which the paid up capital was Rs 16 crore. Reports say that Bluline will become active immediately with a corpus of funds amounting $800 million.

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The official statement of Actis said that the funds of Actis Energy 5 will be employed to mobilize additional capital towards the global transition to energy. As per reports, Actis aims to make Blupine Energy a specific Indian platform for the development of renewable energy and storage assets. Blupine Energy will delve in holistic development and operation of solar, wind and storage assets in India.

The statutory filings of Blupine reveal that Jitesh Agarwal and Abhishek Mahnot are the directors of the company while Neerav Nanavaty will be the ‘additional Director’ and the company’s CEO.

Actis is an international investment company that delves in sustainable infrastructure. It had sold its clean energy firm Sprng Energy to multinational conglomerate Shell for $ 1.55 billion.

In India, Actis has been investing through its funds. Sprng Energy was founded as a premier renewable energy arm of Actis in 2017. The funding for the firm was done through funds of the Actis Energy 4 Fund. Recently Actis had also announced that its Actis Energy 5 – another fund – was shut down October 2021 which had $6 billion of investable capital.

Actis

Actis invests on a global scale in buy and build power generation and distribution businesses, driven by strong market demand and growth, supporting the energy transition and accelerating the journey to net zero. Since inception, Actis claims to have raised $24 billion to invest in a better tomorrow.

In Power Generation, Actis acquires and builds projects to build generation businesses that will produce predictable cash flows. The power generation investments of Actis are aligned to the energy transition with a strong focus on renewables and decarbonisation. In Electricity Distribution, Actis acquires and improves high growth monopoly distribution businesses.

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