The financial terms of the deal have not been disclosed, but according to Indian publications, the enterprise value of the solar assets is around Rs21bn ($257.58m).
The deal is part of BluPine’s strategy to have 4GW of installed capacity over the next four to five years.
BluPine CEO Neerav Nanavaty said: “We are delighted to complete this transaction, which not only brings a significant utility-scale solar capacity of 404MWp, but also provides the seed assets for BluPine Energy and increases our geographical footprint.
“In addition to deepening our renewable energy capabilities, it positions us well to meet our aggressive growth objectives in line with our business plan and be a key player in India’s clean energy transition.”
Actis launched BluPine Energy earlier this year with the aim to boost its utility-scale solar, wind and storage portfolios.
The company follows a buy-and-build strategy involving both government and commercial and industrial (C&I) power purchase agreements across India.
In addition, Actis has pledged to invest up to $800m in BluPine via its Energy 5 Fund, which represents $6bn of investable capital.
Actis Energy Infrastructure partner Sanjiv Aggarwal said: “With energy demand increasing by 5-6% every year, it’s vital that India can meet the electricity needs of its population.
“Leveraging our experience of building and operating Ostro Energy and Sprng Energy , we’re committed to building a renewable energy platform of scale that will be a key driver in India’s net-zero journey.
“BluPine Energy will build wind, solar and storage capabilities that deliver clean, reliable power across India with a core focus on sustainability and positive impact.”
Last month, Global Infrastructure Partners acquired Latin American renewable energy firm Atlas Renewable Energy from Actis for an undisclosed sum.