Khaitan & Co advises Atha Group on acquisition by BluPine Energy Private Limited, backed by Actis PE of the 100% stake in the Atha Group entities

   

DEAL DETAILS

Atha Group | Acquisition by BluPine Energy Private Limited

NO

HEADINGS

DETAILS

1.

 

Sector

Infrastructure: Solar

2.

 

Announcement Date

24-Nov-2022

3.

 

Completion Date

24-Nov-2022

4.

 

Name of Client

Atha Group

5.

 

Acquirer and buyer Details

Blupine Energy Private Limited | India | Acquirer
Solarcraft Power Private Limited | Mauritius | Buyer
Solarcraft Power LUX 2 S.À R.L | Luxembourg | Buyer

6.

 

Seller Details

Narbheram Vishram | India

7.

 

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.

8.

 

Total Consideration

INR 2100 crore (USD 259 million)

9.

 

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)

10.

 

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.

11.

 

Financial Advisors

Avendus Capital

12.

 

Other legal advisors if any with names of Lead Lawyers

Harsh Pais, Trilegal

13.

 

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.

14.

 

Quotation by Team Leader

 

15.

 

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.”

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