Private Equity

PE Fund Investments

Actis to invest $100-M to buy 400MW solar assets from Atha Group

Mint  

Private Equity firm Actis has won the bid to acquire Kolkata-based Atha Group's 400 megawatt (MW) solar power assets for an equity value of around USD 100 million. The deal puts the Enterprise Value for Atha's solar assets at around INR 2,100 crore. Avendus Capital ran the sale process for Atha Group. Actis was advised by Kotak Investment Banking. The rupee deal is expected to be completed in two months and the assets will be transferred to Actis' green energy platform, Blupine Energy Pvt Ltd, which develops grid-connected solar and wind power parks, besides commercial and industrial (C&I) projects. Nine companies, including Torrent Power, Ayana Renewable Power, Sembcorp Industries and Actis, had evinced interest in acquiring Atha's solar assets.