BluPine Energy Private Limited, a renewable wind and solar power developer, backed by Actis PE, has acquired the Atha Group for ₹2100 crores (US $259 million).
The entities comprising Atha Group are AMPL Cleantech Private Limited, NVR Energy Private Limited and Narbheram Solar TN Private Limited. The total acquisition portfolio comprises of 404 MWp renewable capacity, which is spread across six states and supplies power to central and state utilities under long-term contracts.
Khaitan & Co was involved in the (a) vendor due diligence of the target SPVs for the transaction and (ii) structuring, drafting, negotiating and finalizing the transaction documents.
The transaction team consisted of Haigreve Khaitan (Senior Partner), Akhil Bhatnagar (Partner), Arva Merchant (Partner), Shantanu Gupta (Partner), Nimisha Trehan (Principal Associate), Bhagirath Ashiya (Senior Associate), Palak Mohta (Associate), Rahul Pai (Associate).
Trilegal also acted on this deal with a team led by Harsh Pais (Partner).
The transaction has been executed via BluPine Energy, a renewable wind and solar power generation and storage business in which Actis has committed to invest US$ 800 million through its Energy 5 Fund. The acquisition has enabled Atha Group to unlock the value created from its investments in the renewable power sector for over a decade.