Actis launches fourth Indian renewables platform

The platform, which will target a portfolio of over 3 GW 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 3 GW 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 10 GW of installed generation capacity, making it one of the largest foreign private investors in the space.

Leo Energies has signed agreements to acquire ~650 MWp of solar capacity, all of which is set to be operational at acquisition. A total ~160 MWp of generation and 50 MWh of battery energy storage system (BESS) projects have now closed, including 110 MWp of generation and 50 MWh of BESS projects acquired from TrueRE Oriana Power, a fully integrated Indian clean energy platform with capabilities spanning the renewable energy value chain across solar, BESS, and green fuels.

These ~650 MWp 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. The country ranked third globally in renewable energy installed capacity in 2025, with total installed capacity reaching 251 GW – up from 176 GW in 2023 – representing growth of over 40% in two years as it drives to achieve a target of 500 GW of non-fossil fuel capacity by 2030.

The International Energy Agency (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.

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.”

Abhishek Bansal, Managing Director, Energy Infrastructure at Actis, added: “Leo Energies continues a playbook we know well – building right-sized, contracted Indian independent power producers with clear visibility and potential to generate compelling returns for our investors.”

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