DEAL DETAILS
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Atha Group | Acquisition by BluPine Energy Private Limited |
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NO |
HEADINGS |
DETAILS |
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1.
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Sector |
Infrastructure: Solar |
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2.
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Announcement Date |
24-Nov-2022 |
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3.
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Completion Date |
24-Nov-2022 |
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4.
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Name of Client |
Atha Group |
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5.
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Acquirer and buyer Details |
Blupine Energy Private Limited | India | Acquirer |
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6.
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Seller Details |
Narbheram Vishram | India |
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7.
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Deal Description |
Acquisition by BluPine Energy Private Limited, a renewable wind and solar power developer, backed by Actis PE of the 100% stake in the Atha Group entities comprising of: 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. |
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8.
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Total Consideration |
INR 2100 crore (USD 259 million) |
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9.
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Team Members |
The core 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) |
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10.
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Role of Firm |
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. |
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11.
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Financial Advisors |
Avendus Capital |
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12.
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Other legal advisors if any with names of Lead Lawyers |
Harsh Pais, Trilegal |
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13.
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Unique Feature of Transaction |
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 USD 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. |
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14.
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Quotation by Team Leader |
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15.
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Quotation by the Client |
Gaurav Atha, Promoter, Atha Group said, “Non-fossil fuel based power generation is key to India achieving its net-zero emissions goal and Atha Group is proud to have contributed towards this goal. Mergers and Acquisitions is a core part of the Atha Group strategy to create value for its stakeholders. We wish Actis all the success.” |