JSW Neo, Blackstone & Macquarie among suitors for BluPine Energy

New Delhi: JSW Neo Energy, Inox Clean, Blackstone and Macquarie are among the suitors for BluPine Energy after they officially entered a bidding process to acquire the renewable energy company by submitting non-binding offers Wednesday, people familiar with the matter told ET.

KKR, Brookfield and RP Sanjiv Goenka Group's Purvah Green are also in the fray, according to the people cited earlier. KKR has sought more time to submit a formal offer, as per the sources.

The non-binding offers are said to be in the ₹22,000 crore enterprise value range, they said. This positions BluPine's sale among the biggest M&A deals in the sector.


BluPine Energy is owned by Actis. It has a renewable energy generation portfolio of 4 gigawatts.

It is among the largest renewable energy platforms incubated by Actis in India. Actis previously incubated Ostro Energy and Sprng Energy. It has exited those investments with handsome gains.

The sale of BluPine Energy has been under consideration for more than a year. ET first reported in July last year that Actis was considering the sale of the company.

ET subsequently reported on April 24 this year that Actis had mandated Standard Chartered Bank as an advisor on the sale of BluPine Energy.

BluPine had planned to commission certain projects before formally launching the sale process, which has now been completed, the people said.

Actis declined to comment. So did JSW Neo, Inox Clean, Blackstone, KKR and Brookfield. RP Sanjiv Goenka group and Macquarie did not respond to requests for comments.

BluPine energy is helmed by Neerav Nanavaty. It operates solar, wind and storage-based power projects. The output of these power plants is contracted to state-owned utilities and commercial and industrial customers. Its projects are located across 10 Indian states.

Deal activity in the renewable energy sector has remained steady. It is being driven by financial investors who flocked to the sector in its early days and who are now seeking to monetize their investments.

On the other hand, Indian conglomerates are looking to build their heft in the sector by buying assets that are on the block. Certain private equity investors like KKR are continuing to build their investment portfolios in the renewable energy sector in line with their global priorities.

Aditya Birla Group recently acquired Sprng Energy from Shell for over ₹17,000 crore. Macquarie recently sold Vibrant Energy to Inox Clean Energy. Global Infrastructure Partners-backed Veena Energy was also recently sold to Inox Clean Energy. RP Sanjiv Goenka's Purvah Green recently acquired an over 1 gigawatt portfolio of assets from ReNew for over ₹4,000 crore.