Clean Energy, Clear Intent—Actis Signals Exit from BluPine Spark

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UK-based private equity firm Actis is evaluating a full or partial exit of its stake in BluPine Energy, a Gurgaon-based renewable energy platform that it established in 2021. The prospective deal could value BluPine at $1.3–1.4 billion (₹11,138–12,000 crore), Actis's third major exit from India's clean energy sector.

Actis has reportedly initiated exploratory talks with multiple strategic and financial investors through its advisor. The move is to de-risk its holding and accelerate the return of capital, even as the bulk of BluPine's portfolio remains under development.

BluPine Snapshot

Portfolio Size: 3 GW (1.1 GW operational, 1.9 GW under development)
Target Capacity: 4 GW
Energy Mix: 76% solar, 13% wind, 12% hybrid
Average Tariff: ₹3.91 per unit
CEO: Neerav Nanavaty (formerly Engie India)

Actis Investment Timeline

First Commitment: $800 million via Actis Energy 5 fund
Capital Invested (as of Feb 2025): $468 million

Previous Exits:

Sprng Energy → Shell ($1.55 billion, 2022)
Ostro Energy → ReNew Power (2018)

Sector Background

Other platforms like Gentari and Edelweiss Infrastructure Yield Plus also are up for sale.
Global investor appetite for renewables has abated in the face of shifting political winds and slowing decarbonization urgency.

Sources: Economic Times, ET EnergyWorld, EQ Magazine, HDFC Sky