Private equity fund Actis is reportedly in talks with ReNew Power to buy over half a gigawatt of renewable energy projects in India.

Actis could acquire the projects from the India’s independent renewable energy producer for an enterprise value of around INR30bn ($400m), two people aware of the development told Mint.

If the talks come to fruition, the sale could be the largest deal in the Indian renewable energy sector following the outbreak of Covid-19.

Mint quoted one of the two people as saying: “Actis is in talks with ReNew Power for acquiring around 550MW of clean energy capacity.”

Projects considered in the talks

The projects will include a 300MW solar project at Pavagada solar park in Tumkur district of Karnataka and a 250MW wind farm in Gujarat.

Fully commissioned in December 2019, the Pavagada solar park is the biggest solar power station in India.

Covering an area of 13,000 acres, the 2,050MW solar park was constructed with a total investment of £1.6bn ($2bn).

The wind farm included in the talks is located in Kutch district of Gujarat.

The Kutch project was added to ReNew Power’s portfolio, following the acquisition Actis-owned Ostro Energy in a deal worth nearly $1.5bn.

Ostro Kutch Wind had won the Gujarat wind project in April 2017.

Recently, Actis announced that its Actis Long Life Infrastructure Fund (ALLIF) has completed its acquisition of two solar projects totalling 400MW from Acme Solar Holdings.

The two projects are located in the Indian states of Andhra Pradesh and Madhya Pradesh respectively.