BluPine Energy, a renewable energy company backed by investment company Actis, has expanded its renewable portfolio with the acquisition of 369MW of solar assets from the Acme Group in India.

Acme Group chairman Manoj Upadhyay stated: “This is our second successful collaboration with [BluPine]. We relied on the expertise of the Actis platform for this asset sale. At Acme Group, we continue to strengthen our presence in the renewable energy space, while simultaneously expanding the asset base.”

BluPine Energy’s total renewable energy capacity has now increased to 2.4GW.

The solar assets are distributed across the Indian states of Uttarakhand, Punjab and Karnataka and represent a significant step towards BluPine Energy’s five-year plan.

The company aims to expand its wind and solar portfolio to 4GW. This will include hybrid assets and be complemented with battery energy storage systems.

BluPine Energy CEO Neerav Nanavaty stated: “The renewable energy sector in India continues to witness remarkable growth. This acquisition is a testament to BluPine Energy’s dedication to fostering a sustainable future through renewable energy solutions.

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“We are thrilled to incorporate these high-quality solar assets into our portfolio, further solidifying our commitment to driving positive change in India’s energy sector.”

In November 2022, BluPine Energy acquired a 404MW peak solar portfolio in India from the Atha Group.

The enterprise value of the solar assets is approximately Rs21bn ($257.58m).

The deal was part of BluPine’s strategy to achieve 4GW of installed capacity by 2028.