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SEIT, IndiGrid and Anzen Reportedly Eye Acquisition of Actis’ Renewable Platform Athena

Several infrastructure investors and investment trusts are currently in discussions to acquire Athena Renewable Energy, the India-focused renewable platform owned by UK-based private equity firm Actis, according to people familiar with the matter.

Among the interested bidders are SEIT, the energy infrastructure investment trust sponsored by Mahindra Susten; IndiGrid, which is backed by KKR; and Anzen InvIT, promoted by Sekura Energy, a company owned by Edelweiss. Sources indicated that these investors have already submitted binding bids after completing their due diligence processes.

The potential deal is expected to value Athena Renewable Energy at an enterprise value of approximately Rs2,300 crore to Rs2,500 crore. The platform currently operates about 550 MW of renewable energy capacity across India.

Earlier this year, Actis initiated the sale process for Athena and appointed Kotak Mahindra Capital to manage the transaction. During the outreach phase, several potential investors were approached, including Hexa Climate Solutions, IndiGrid, Ontario Teachers’ Pension Fund, Sekura Energy, and Jindal Renewables.

Actis acquired Athena in 2020 as a fully owned solar portfolio that included two major projects — Rewa and SECI AP — in India. The platform sells all of its electricity through long-term 25-year power purchase agreements (PPAs) with government-backed entities and distribution companies, providing stable and creditworthy revenue streams.

Athena currently operates four solar power projects across the country. These include the Athena Jaipur Solar Plant (336 MW) located in Rewa, Madhya Pradesh; the Athena Karnal Solar Power Plant (72 MW); the Athena Bhiwadi Solar Power Plant (72 MW); and the Athena Hisar Solar Power Plant (72 MW), situated within the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh.

Emails sent to Actis, Mahindra Susten, Sekura Energy, and IndiGrid seeking comments were not answered until the time of publication.

In India, Actis presently manages three renewable energy platforms: BluPine Energy, Athena Renewables, and Stride Climate Investments. The firm acquired Stride from Macquarie Asset Management in 2024. Meanwhile, SEIT currently operates around 1.5 GW of renewable energy capacity and is backed by Mahindra Susten and the Ontario Teachers’ Pension Plan, which holds a 40 percent stake in the trust.