Investors circle BluPine as clean power turns hot

Actis is said to have many offers and may start the formal process early next year

- Sneha Shah & Nehal Chaliawala

Investors are queuing up for a piece of BluPine Energy, a renewable power platform incorporated in India by London-based global private equity firm Actis Capital in mid-2021, according to four people aware of the matter who spoke on condition of anonymity.

The development comes against the backdrop of heightened investor appetite for clean energy assets in India, with several deals struck and more in the pipeline.

"Investment bankers have approached Actis with several offers and a formal process is likely to start early next year," said a person with knowledge of the development.

The discussions are in early stages and Actis is yet to formally appoint bankers for the transaction, which could take up to a year for culmination, said the person cited above, who is a senior executive directly aware of Actis's plans.

"The asset has done well for the private equity investor and is likely to fetch around a billion dollars as and when it happens," the executive said. He added that the investment firm is exploring the divestment option after several bankers pitched the idea of fetching an attractive valuation considering investor interest in other deals this year.