Several private investors and trusts are in separate discussions to acquire Athena Renewable Energy (Athena Renewable Energy India Private Limited), the Indian renewable energy platform owned by UK-based private equity firm Actis (Actis LLP), multiple people aware of the development. The interested bidders include SEIT (Sustainable Energy Infra Trust Fund (NSEI:SEITINVIT)), the energy InvIT sponsored by Mahindra Susten; IndiGrid (Indigrid Infrastructure Trust (BSE:540565)), backed by KKR; and Anzen InvIT (Anzen India Energy Yield Plus Trust (NSEI:ANZEN)), 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 INR 23,000 million - INR 25,000 million. 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. Emails sent to Actis, Mahindra Susten, Sekura Energy and IndiGrid remained unanswered until the publication of this report.
