New platform targets more than 3GW of solar, wind and battery storage capacity, building on Actis’ Ostro
Energy, Sprng Energy and BluPine Energy track record in India
Actis, a leading growth market investor in sustainable infrastructure, today announced the launch of Leo Energies, its next-generation renewable energy business in India. The platform, which will target a portfolio of over 3GW of onshore wind, solar and battery storage assets, represents the fourth iteration of Actis’ demonstrated buy-and-build strategy in the Indian renewables market a strategy that has previously delivered Ostro Energy, Sprng Energy and which continues to scale current platform BluPine Energy,
which has already surpassed 3GW of capacity since its launch in 2022. The launch of Leo Energies builds on Actis’ long-standing track record in Indian renewables. The firm has deployed approximately US$1.5 billion of equity capital in India’s energy sector, building or operating nearly 10GW of installed generation capacity, making it one of the largest foreign private investors in the space. Leo Energies has signed agreements to acquire ~650MWp of solar capacity, all of which is set to be operational at acquisition. A total ~160MWp of projects have now closed, including 110MWp acquired from TrueRE Oriana Power, a fully integrated Indian clean energy platform with capabilities spanning the renewable energy value chain across solar, battery energy storage and green fuels. These ~650MWp of projects stretch across five states – Rajasthan,
Tamil Nadu, Gujarat, Karnataka and Andhra Pradesh, and are contracted under long-term power purchase
agreements (PPAs) with a mix of central offtakers, state discoms and commercial & industrial (C&I) customers.
The acquisitions align well with Leo Energies’ ambition of building a scaled renewable generation platform by
leveraging significant growth opportunities across both utility and C&I segments. The business has further
acquisitions and greenfield PPA auctions in sight, as part of its near-term pipeline. India has one of the fastest growing renewable energy sectors globally. It has seen the third-largest growth in power generation capacity worldwide over the past five years, with 83% of power sector investment going to clean energy in 2024.1 The country ranked third globally in renewable energy installed capacity in 2025, with total installed capacity reaching 251GW – up from 176GW in 2023 – representing growth of over 40% in two years as it drives to achieve a target of 500GW of non-fossil fuel capacity by 2030.2 The IEA projects India will become the second-largest growth market for renewables globally through 2030, with capacity set to rise 2.5 times over five years.3 Against this backdrop, India’s C&I renewables market is expanding rapidly, driven by corporate demand for clean power and a growing ecosystem of bankable off-takers – creating adeep and liquid deal environment for platforms such as Leo Energies.
Lucy Heintz, Head of Energy Infrastructure at Actis, commented: “India is one of the world’s most exciting energy markets in our view, and Leo Energies reflects our conviction that the opportunity here remains very strong. India sits at the intersection of two defining forces: surging energy demand and the imperative of energy security. We have spent more than a decade building and operating renewable platforms of scale across our markets, exiting to blue chip acquirers such as Shell, GIP and Engie along the way, and have assembled what we believe to be a market-leading team for this next chapter in India.”
