Published On:March 5 2024
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BluPine Energy Completes Acquisition of 369 MW Solar Power Assets from Acme Group

BluPine Energy announced on Monday its acquisition of power assets totaling 369 megawatts (MW) of solar capacity from the Acme Group, significantly boosting its renewable energy (RE) portfolio to 2.4 gigawatts (GW).

These assets are distributed across 14 special purpose vehicles (SPVs) located in Uttarakhand, Punjab, and Karnataka. BluPine Energy's strategic move aims to further expand its renewable energy footprint to encompass 4GW of solar and wind power, along with hybrid assets, supplemented by battery energy storage (BES) systems, within the next five years.

CEO of BluPine Energy, Neerav Nanavaty, emphasized the significance of this acquisition, stating, "By incorporating these assets into our portfolio, BluPine solidifies its standing as a key player in India's rapidly evolving renewable energy sector. These strategically positioned assets across multiple states enhance BluPine Energy's geographical diversity and contribute to meeting renewable purchase obligations effectively."

Abhishek Bansal, Partner at Actis specializing in Energy Infrastructure, highlighted Actis' commitment to BluPine Energy's growth trajectory, leveraging Actis' extensive experience in the Indian energy sector. He remarked on BluPine Energy's role in advancing India's energy transition and fostering sustainability.

Manoj Upadhyay, Chairman of the Acme Group, expressed satisfaction with their ongoing collaboration with BluPine Energy, underlining the strategic significance of the asset sale. He reaffirmed Acme Group's commitment to expanding its presence in the renewable energy domain while strengthening its asset base.

Addressing the integration process of the newly acquired assets, Nanavaty assured a seamless transition, leveraging BluPine Energy's operational expertise. He emphasized the implementation of optimization initiatives across the portfolio to enhance safety and asset integrity from day one.

In response to inquiries about future expansion plans, Nanavaty outlined BluPine Energy's focus on greenfield execution to develop its pipeline of utility-scale and commercial and industrial (C&I) projects. However, he indicated the company's openness to exploring compelling one-off acquisition opportunities aligned with its strategic goals and value proposition.


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