Actis explores sale of Athena Renewable Energy platform

Global investor Actis is reportedly exploring a potential sale of its Indian renewable energy platform, Athena Renewable Energy, at a valuation of around Rs 3,000 crore, according to The Economic Times.

The United Kingdom-based sustainable infrastructure investor has appointed Kotak Mahindra Capital as its financial advisor for the potential transaction. The 550 MW solar platform has been showcased to a limited set of potential buyers. These reportedly include Hexa Climate Solutions, KKR backed IndiGrid Infrastructure Trust, Ontario Teachers’ Pension Fund, Sekura Energy, and Jindal Renewables.

Actis acquired Athena in 2020 through its Long Life Infrastructure Fund. The platform was created as a wholly owned portfolio anchored by two key projects, one at Rewa and another awarded by the Solar Energy Corporation of India (SECI) in Andhra Pradesh. Athena operates on a contracted model, with all electricity sold under 25 year Power Purchase Agreements (PPAs) to state owned entities.

Athena currently operates four solar power plants across India with a combined installed capacity of over 550 MW. Its portfolio includes the 36 MW Athena Jaipur Solar Plant in Rewa, Madhya Pradesh, a 72 MW project in Karnataka, and the 72 MW Athena Hirabali Solar Power Plant located in the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh.

Actis presently manages three renewable energy platforms in India, BluPine Energy, Athena Renewables, and Stride Climate Investments. The firm has earlier developed and exited platforms such as Ostro Energy and Spring Energy, which were subsequently acquired by ReNew Power and Shell.

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