Actis has launched the sale of its Indian renewables platform BluPine Energy, two sources familiar told this news service.

Teasers have been sent out to just Indian government-owned companies so far, as they requested an early heads-up due to internal procedures requiring more time compared to the private sector, one of the sources said. It is not clear which government companies have been approached, both sources said.

A third source familiar said that crude oil refiner Indian Oil Corporation (IOC) has received the teaser, adding that all government companies need time to appoint advisers as they are mandatorily required to conduct a public procurement process.

Private sector bidders will likely receive the teaser in the first half of July, the source said.

State-owned entities that have been bidding for renewables assets include NTPC Green Energy and ONGC Green, which jointly acquired Ayana Renewable Power last year from the National Investment and Infrastructure Fund for an enterprise value of INR 195bn (USD 2.3bn at the time).

Other public sector enterprises including NHPC, Coal India, SJVN, and NLC India have established green energy subsidiaries either to build or to acquire renewables assets as part of the country’s target to reach 500 GW of non-fossil fuels capacity by 2030.

Actis was accepting pitches from bankers earlier this year and mandated Standard Chartered in April to sell BluPine.

This is the UK-based investor’s third clean power platform in India. Its first, Ostro Energy was sold to ReNew Power in 2018. Its second, Sprng Energy was sold to Shell in 2022. Bank of America Securities advised Actis on both those deals.

BluePine has 3.9 GW of total capacity across 10 Indian states, of which 1.5 GW is operating, with the remainder in various stages of construction and development, according to its website.

IOC and BluPine did not respond to requests for comment.

Standard Chartered declined to comment. Actis declined to comment on what it termed “market speculation.”