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Company Voice: BluPine Energy, India

BluPine Energy is a renewable Independent Power Producer that operates exclusively in India, established by Actis. Neerav Nanavaty, CEO, BluPine Energy provides insights into the progress of this transformative project.

What is BluPine Energy’s relationship with Actis?

The company functions as a full-stack independent power producer, seamlessly managing the entire value chain of renewable power generation and storage. This entails developing assets, acquiring land, permits and approvals, contracting with equipment suppliers, overseeing the construction, commissioning and operation of power plants, and distributing the generated output to diverse off-takers, including both government and private entities. Often, these activities occur simultaneously. Actis’ engagement extends beyond mere financial investors; as an active participant with a decade of experience in India’s renewable industry, its strategic guidance profoundly influences our operational approach.

What are your key challenges?

The Indian renewable market is complex, characterised by a patchwork of regulations at the state as well as central level. Operating in this landscape, it is critical to navigate regional nuances and tailor strategies accordingly. Specialising in utility-scale solar, wind, and hybrid plants, BluPine Energy is currently incorporating battery components to enhance energy delivery. The substantial capital requirements demand swift project execution, leading us to manage various aspects of multiple projects across different states simultaneously.

How has BluPine Energy’s business plan evolved since its inception in 2021?

Our ability to adapt our business plan enables us to maintain a competitive edge in the market. While our initial strategy encompassed utility-scale wind, solar, and hybrid plants, we have since added corporate and industrial (C&I) businesses and a heightened emphasis on battery storage.

The incorporation of battery storage has become a key component of our strategy. Hybrid and storage projects now play a pivotal role in ensuring continuous, stable energy generation, effectively addressing the inherent intermittency of renewable sources. By optimising transmission capacity, these projects ensure a reliable energy supply even during periods when the sun is not shining or the wind is not blowing. This strategic approach mitigates the intermittent nature associated with renewable energy sources.

How has the One Actis model helped BluPine Energy?

We consistently leverage Actis’ diverse expertise and global network. For example, the real estate team facilitates introductions and helps us build relationships with corporate off-takers. Future plans involve exploring opportunities to collaborate more closely with the real estate team to provide renewable power to some of the assets Actis has invested in.

What was the appeal of BluPine Energy to Actis?

We’ve had success in this market before and the Indian renewable sector remains a large and lucrative opportunity. So, we decided to repeat our strategy while adapting where necessary. The most important element of building a successful business is finding the right management. Under Neerav’s leadership, we found a strong management team, who have had significant development and execution experience in India for the past two decades. In the last two years, we have strengthened the team to build capabilities in the corporate Purchase Power Agreement “PPA” space and storage which now allows us to build renewable projects which are less intermittent in their supply and cater to specific customer load requirements.

How has the One Actis model helped shape the business?

One Actis is about depth of expertise and breadth of knowledge. Our long experience in renewables, not only in India but elsewhere, gives us unrivalled expertise in several areas such as wind or solar procurement, understanding of best technology in storage, access to financing and even reaching large corporate customers and hyperscalers, many of whom operate globally. Having a centralised operations team on one hand and deeply inter-connected regional investment teams on the other, has helped immensely in ensuring that all our businesses globally, including BluPine Energy, implement global best practices while benefitting from best contract pricing and terms making them more competitive in their local markets. We have encouraged strong collaboration across businesses. For example, our digital infrastructure and real estate colleagues have assisted us in initiating PPA conversations with global hyperscalers operating in various energy markets and with property developers seeking partnerships with credible green energy suppliers.