Private equity firm Actis said Monday it has acquired Stride Climate Investments from a fund managed by Macquarie Asset Management to beef up its India renewable energy portfolio.
London-headquartered Actis, an emerging markets-focused investor in sustainable infrastructure, said the deal will bring into its fold Stride’s 371MW (414MWp) portfolio of operating solar photovoltaic assets spread across 21 projects in seven states, the majority of which are concentrated in Gujarat.
Actis didn’t disclose the financial terms of the deal. However, solar energy deals in India typically command a valuation of Rs 4-5 crore per megawatt. This would put the value of the deal around Rs 1,480-1,850 crore ($173-217 million).
The Stride portfolio, which has a track record of close to a decade, features long-term pay-as-produce power purchase agreements with central and state governments as well as the private sector, Actis said.
“The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation and low existing leverage,” said Adrian Mucalov, Partner, Head of Long Life Infrastructure at Actis. “We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.”
Stride Climate will join BluPine Energy and Athena Renewables as Actis’ third current energy generation platform in India. The PE firm has previously set up and sold two more renewable energy platforms in India. Actis first made an equity commitment of $290 million in Ostro Energy and sold it to Renew Power in 2018. The PE firm then made an equity capital commitment of $475 million to Sprng Energy and sold it to Shell in 2022, before launching BluPine.
Actis says it invests in structural themes that support long-term equitable growth in defensive, critical infrastructure across energy transition, digitalization transition, and supply chain transformation. In India, Actis has also been active in the highway sector and recently inked a deal to acquire a 90-km highway project for over Rs 700 crore ($92 million).
The PE firm has deployed more than $7.1 billion in Asia since inception across different strategies. It has built or operated more than 8GW of installed capacity in the region, including more than 5.5GW of renewables.
According to its website, Actis manages over $15 billion in assets globally and has invested in over 60 countries. It has over 17 offices across the world, and about 37,000 employees on its rolls. It has, to date, made over 300 investments and over 230 exits, according to its website. In October 2024, US-based PE firm General Atlantic acquired Actis.
