Shardul Amarchand Mangaldas & Co (SAM) has advised on the divestment of energy assets from ACME Solar Holdings and ACME Solar Energy to renewable company BluPine for an undisclosed sum.
SAM advised both companies under the ACME Group on the sale of their solar power projects with a combined capacity of 369MW to Actis-backed BluPine Energy.
Partners VR Neelakantan, Kushal Sinha and Dhrupad Pant led the SAM team, with the support of senior associate Rishab Chaudhary as well as associates Shamik Gupta, Aayush Agarwal and Riya Jain.
The solar power projects, valued at INR21 billion (USD253 million), are located in Karnataka, Uttarakhand and Punjab.
Actis’ Energy Fund 5 has invested USD800 million into BluPine, which is committed to fostering a renewable energy portfolio exceeding 4GW in India.
This deal highlights growth opportunities in India’s renewable energy sector and the attractiveness it holds for international private equity investors.
BluPine, which is targeting growth in its wind and solar portfolio with the inclusion of hybrid assets, will augment this expansion with the integration of battery energy storage systems.
