Blackstone has emerged as the frontrunner to buy Actis-owned BluPine at a $1.8 billion valuation. Mint first reported this interest on 18 August. The renewable energy sector in India continues to see many big deals, as firms look to expand their portfolios to meet the country’s growing power needs.
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.
Sneha Shah
Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.
Priyamvada C
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.