Several private investors and trusts are in separate discussions to acquire Athena Renewable Energy, the Indian renewable energy platform owned by UK-based private equity firm Actis, multiple people aware of the development.
The interested bidders include SEIT, the energy InvIT sponsored by Mahindra Susten; IndiGrid, backed by KKR; and Anzen InvIT, sponsored by Sekura Energy, which is owned by Edelweiss.
The investors have submitted binding bids after completing due diligence, said the sources cited above. The proposed transaction could value Athena at an enterprise value of around ₹2,300-2,500 crore. The platform currently operates about 550 MW of renewable energy capacity.
ET had first reported in January that Actis had put Athena on the block and appointed Kotak Mahindra Capital to manage the sale process. As part of the outreach, Actis had sounded out a select set of potential buyers including Hexa Climate Solutions, IndiGrid, Ontario Teachers’ Pension Fund, Sekura Energy and Jindal Renewables.
Actis acquired Athena in 2020 as a wholly owned solar portfolio comprising two large projects-Rewa and SECI AP-in India. Athena sells 100% of its power under 25-year power purchase agreements (PPAs) to government-owned entities and distribution companies, with offtakers enjoying central government-equivalent credit quality, according to Actis’ website.
Emails sent to Actis, Mahindra Susten, Sekura Energy and IndiGrid remained unanswered until the publication of this report.
Source: Economic Times