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BluPine Energy Acquires 369 MW Solar Power Assets from Acme Group

The acquisition includes 369 megawatts of solar capacity power assets spread across 14 special purpose vehicles in the states of Uttarakhand, Punjab, and Karnataka, augmenting BluPine Energy’s total renewable capacity to an impressive 2.4 gigawatts.

March 04, 2024. By News Bureau

BluPine Energy, a renewable energy services company established in India by Actis, a global investor in sustainable infrastructure, 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 in its commitment to advancing sustainable energy solutions. By integrating these assets, BluPine Energy reaffirms its position as a key player in India’s burgeoning renewable energy landscape.

The acquisition includes 369 megawatts of solar capacity power assets spread across 14 special purpose vehicles in the states of Uttarakhand, Punjab, and Karnataka, augmenting BluPine Energy’s total renewable capacity to an impressive 2.4 gigawatts.

In response to 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 highlights our commitment towards the long-term renewable energy power need of India. This 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."

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. The platform has an important role to play in accelerating India’s energy transition, driving sustainability and a positive social impact, and it’s great to see it succeed in its mission.”

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369 MW of solar capacity

Renewable energy

Energy transition

Acquisition

Indian renewables sector