Actis intends to divest its Indian renewable energy platform Sprng Energy in 2022.
Sprng Energy’s portfolio amounts to 1,741.5 MW of total capacity, including 194 MW of solar parks in operation, as well as 750 MW of solar and 797.5 MW of wind projects that are currently being implemented.
Sanjiv Aggarwal, partner – energy at Actis PE, told about this plans, but did not go into specifics about the potential valuation of such a deal, only noting that good quality assets bring good value.
According to Aggarwal, the company will have between 2,000 MW and 2,400 MW of operating plants by the time of the planned sale.
In 2018, the PE closed a similar transaction involving the sale of another Indian renewable energy platform, namely Ostro Energy Pvt Ltd, to ReNew Power.
Actis was created in 2004 as a management buy-out from CDC Group plc and is owned by its partners. Headquartered in London, with a portfolio of investments in South Asia, South East Asia, Africa, Latin America and China, they have raised c. US$11bn of funds since its inception.
To date, Actis has raised four Energy funds, of which
- the first is fully exited,
- second is virtually fully exited,
- the third, closed in December 2013 with $1.4bn of available capital and is presently being invested and
- the fourth and the most recent, Actis Energy 4, closed in Mar 2017 with US$2.75bn of available capital and is also being presently invested (together “Actis Energy”).
These Energy funds are entirely focused on power generation and power distribution opportunities.
Reference- Economic Times