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Actis Sets Up New Company for Developing Renewable Energy in India

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Actis, a global investment firm in sustainable infrastructure – recently in the news for selling Sprng Energy from Shell for $ 1.55 Billion – has incorporated a company India to develop renewable energy and store assets in India.

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Blupine Energy Pvt Ltd was officially incorporated in June 2021, with Rs 16 crore of paid-up capital. However, it is expected to become active immediately with an initial corpus amounting to $800 million, BusinessLine learned from sources.

Actis has invested through its funds in India up to now. Sprng Energy, a renewable energy company, was founded in 2017 from funds of the Actis Energy 4 fund. Actis Energy 5 announced that its latest fund, Actis Energy 5 had closed in October 2021 with US$6 Billion of investable capital. This money will be used “to mobilize additional capital towards the global transition to energy,” according to Actis’ press release.

According to sources, Actis plans to make Blupine Energy its Indian platform for developing renewable energy and storage assets. According to his LinkedIn profile, S K Mathusudhana describes himself as a core management team member and says that Actis, UK has funded Blupine Energy. “Blupine” will develop and operate solar, wind and storage assets in India.

Also Read  In 2022, CHINT Submitted About 260 MW Solar PV Unsolicited IPP Projects In Several Locations Of Bangladesh Including 200 MW, 50MW and 10 MW Floating Projects: Engr. Sk. Md. Ruhul Amin, Deputy Managing Director, Chint Solar (Bangladesh) Company Ltd.

According to company filings, Jitesh Agarwal and Abhishek Mahnot are listed as directors. Neerav Nanavaty is listed as an ‘additional Director’. Sprng Energy is the source of Agarwal, Bansal, and Mahnot. It has been revealed that Nanavaty is Blupine Energy’s CEO.

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