Actis exits Indian renewable platform Ostro Energy to ReNew Power

NEW DELHI, April 3, 2018 /PRNewswire/ -- Actis, a leading growth markets investor, has today announced the sale of Indian renewable energy platform Ostro Energy Private Limited to ReNew Power, one of India's leading clean energy Independent Power Producers.

Actis created Ostro Energy in 2014 having identified the need for scalable renewable energy company to meet energy requirements in India. The investment thesis is an example of Actis doing what it knows best: replicable deals in high growth sectors meeting increasing demand for domestic infrastructure. Ostro Energy followed the same model as other Actis platforms; Chile's Aela Energía, Brazil's Atlantic Energias Renováveis and Mexico's Zuma Energía - building renewable generation platforms on a buy-and-build thesis.

Today with a total capacity of more than 1100 MW, of which nearly 850 MW is already commissioned Ostro Energy will continue to considerably contribute to the Government of India's 2022 goal of 175 GW of renewable energy. 

Ostro has built an impressive business with diversified geographical spread; good quality infrastructure; and stable long term PPAs. Ostro Energy's assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat. The Ostro portfolio is also diversified by off takers and also by OEMs.

Actis' energy business has committed US$5billion to 33 energy infrastructure companies in over 25 countries generating over 18GW of energy capacity and impacting over 80 million consumers.

The acquisition will help ReNew Power further consolidate its position in the fast-growing, Indian clean energy sector. ReNew Power currently has green energy assets of more than 4500 MW, which include a commissioned capacity of approximately 2800 MW. With the acquisition of these assets, ReNew Power's capacity will now exceed 5600 MW.

Sanjiv Aggarwal, Actis Partner responsible for energy in Asia said: "We are very pleased with this transaction and would like to thank the employees of Ostro for their contribution in building a strong renewable energy company. The Ostro business and team is a very good fit with ReNew and will continue to grow within the ReNew fold.  Actis remains committed to Indian energy infrastructure and will continue to invest in this sector through its other platforms and funds."

For More Information:

John Thompson
T +44 (0) 20 7234 5107
M +44 (0) 7887 521 374
E jthompson@act.is

About Actis

Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception. The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership. Applying developed market disciplines to growth markets, an established team of c. 100 investment professionals in ten countries identify investment opportunities in response to two trends: rising domestic consumption and the need for sustained investment in infrastructure across private equity, energy, infrastructure and real estate asset classes.  

Actis' energy business has committed US$5billion to 33 energy infrastructure companies in over 25 countries generating over 18GW of energy capacity and impacting over 80 million consumers.

Actis has been awarded an A+, the highest grade achievable, as a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities.

About ReNew Power 
ReNew Power Ventures, one of India's leading clean energy Independent Power Producers (IPPs), is committed to working towards changing the country's current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India's carbon footprint. ReNew Power's mission is to play a pivotal role in meeting India's growing energy needs in an efficient, sustainable and socially responsible manner. For more information please visit: www.renewpower.in . Follow ReNew Power on Twitter @ReNew_Power.

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SOURCE Actis