A clutch of private equity and strategics have expressed interest in BluPine, as UK-based Actis explores a sale of the renewable energy platform, seeking a valuation of about $1.5-2.0 billion, three people familiar with the matter said.
“KKR, NIIF (National Investment and Infrastructure Fund) and Blackstone are closely evaluating the asset, while ISquared Capital is exploring an investment in the company through its clean energy platform HEXA. Inox Clean Energy is also among those spending time on the asset,” one of the people cited above said.
“Others, including Macquarie, RPSG Group, Torrent Power and Apraava Energy, are also in the fray,” a second person said on the condition of anonymity, as the discussions are private. “The binding bids are due in the next 10-12 days,” said a third person in the know, while confirming the above details.
Actis declined to comment on the development. “We don't comment on deal speculation unfortunately,” its spokesperson said. Blackstone, Macquarie and KKR declined to comment, while emails sent to other potential bidders did not elicit a response until press time.
Actis launched BluPine Energy in 2022, targeting 4GW capacity of utility scale solar, wind and storage projects through a buy-and-build strategy with both government and commercial & industrial (C&I) PPAs across India. In the same year, BluPine acquired a 404MW operating pan-Indian solar portfolio as part of its growth.
Led by Neerav Nanavaty, the Gurugram-based firm is among the leading renewable energy service providers that develop, build, own, and operate projects across India to support the country’s clean energy transition. It has rapidly expanded its C&I business by providing customized renewable energy solutions through captive, group captive and open access models, enabling business across sectors achieve their sustainability and decarbonization objectives.
Actis is a major global infrastructure investor with a history of building businesses and operating assets world over. It has deployed more than $7.1 billion to date in Asia, across different strategies. A leading energy investor, it has built or operated over 8GW of installed capacity in the region, including more than 5.5GW of renewables.
Actis invests in structural themes that aim to support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalization transition, and supply chain transformation, according to its website. Its portfolio assets in India include Stride Climate Investments, Athena Renewable Energy, Sprng Energy, Ostro Energy, and Vindhyachal Expressway Pvt Ltd, some of which it has exited over the years.
The massive scale of India's green energy space has attracted the attention of both Indian and global investors. These investments have gained momentum in the past few years, with the government aiming to achieve 500 GW of installed non-fossil-fuel capacity by 2030. According to government estimates, a total investment of about ₹42 trillion is needed to achieve this ambitious target.
The country plans to add 1,800 GW of renewable energy capacity by 2047 and 5,000GW by 2070, Mint reported in November. Industry executives say inorganic growth is the playbook in the energy space. According to KPMG, achieving growth over the next three years is the top operational priority for organizations as they pursue greater energy security, build digital infrastructure and scale renewables.
Some recent deals in the space include the Aditya Birla Group’s purchase of Sprng Energy from Shell for $1.8 billion in July 2026, Inox Clean Energy’s ₹6,000 crore buyout of Vena Energy India and a $750 million purchase of US solar assets from Boviet Solar. Inox also completed the acquisition of Vibrant Energy from Macquarie in April 2026.
Other players, including Avaada Electro, state-run NTPC Ltd's green energy arm NTPC Green Energy Ltd, Waaree Energies, Vikram Solar, ACME Solar, and Premier Energies, Inox Clean Energy, CleanMax, Juniper Energy, Hero Future Energies and SAE, are among those that have gone public in recent times, or are in various stages of their listing processes.