Blackstone emerges frontrunner to buy Actis-owned BluPine at $1.8 billion valuation
Mumbai: Global private equity firm Blackstone is emerging as the frontrunner to acquire renewable energy platform BluPine Energy from UK-based Actis in a deal that could value the company at $1.7-1.8 billion, three people with direct knowledge of the matter said.
“Blackstone seems to be leading the talks and may soon enter exclusivity,” said one of the people cited above. Blackstone is competing closely with Brookfield and INOX Clean Energy, to acquire BluPine, the people said.
Mint was the first to report private equity and strategic investor interest in the deal, including that of Blackstone, on 18 August. A Blackstone and Actis spokesperson declined to comment. Emails sent to INOX did not elicit a response till the time of publishing. Brookfield declined to comment.
The scale of India’s renewable energy opportunity has attracted both domestic and global investors. Investments in the sector have gathered pace in recent years, with the government targeting 500GW of installed non-fossil-fuel capacity by 2030. Achieving this target will require an estimated investment of about ₹42 trillion, according to government estimates.
Actis launched BluPine Energy in 2022, targeting 4GW of utility-scale solar, wind and energy storage capacity through a buy-and-build strategy. The company develops projects with both government and commercial and industrial (C&I) power purchase agreements (PPAs) across India. In the same year, BluPine acquired an operating solar portfolio of 404MW spread across the country as part of its expansion.
Led by Neerav Nanavaty, the Gurugram-based company develops, builds, owns and operates renewable energy projects across India. It has expanded its C&I business through customized renewable energy solutions using captive, group captive and open-access models, helping businesses across sectors meet their sustainability and decarbonization goals.
Actis is a global infrastructure investor with a track record of building businesses and operating assets across markets. It has deployed more than $7.1 billion across different investment strategies in Asia. The firm has built or operated more than 8GW of installed energy capacity in the region, including over 5.5GW of renewable energy capacity.
Blackstone, meanwhile, has stepped up efforts to build a large infrastructure portfolio in India. The firm recently hired Ami Momaya from KKR to lead its infrastructure investment team in the country. Blackstone is looking to deploy nearly $100 billion in India by 2047, with infrastructure among its key investment themes.
India plans to add 1,800GW of renewable energy capacity by 2047 and 5,000GW by 2070, Mint reported in November. Industry executives say acquisitions and other forms of inorganic expansion are increasingly becoming a preferred route to growth in the energy sector. According to KPMG, growth over the next three years is the top operational priority for organizations as they seek to strengthen energy security, build digital infrastructure and expand renewable energy capacity.
Recent transactions in the sector include the Aditya Birla Group’s $1.8 billion acquisition of Sprng Energy from Shell in July 2026, Inox Clean Energy’s ₹6,000 crore acquisition of Vena Energy’s India business and its $750 million purchase of US solar assets from Boviet Solar. Inox also completed its acquisition of Macquarie-owned Vibrant Energy in April 2026.
Several other players are expanding their presence through investments, acquisitions and public-market listings. These include Avaada Electro, NTPC Green Energy, Waaree Energies, Vikram Solar, ACME Solar, Premier Energies, Inox Clean Energy, CleanMax, Juniper Energy, Hero Future Energies and SAE.