mumbai, Nov. 13 -- Global private equity firm Blackstone is emerging as the frontrunner to acquire renewable energy platform BluPine Energy from UK-based Actis in a deal that could value the company at $1.7-1.8 billion, three people with direct knowledge of the matter said. "Blackstone seems to be leading the talks and may soon enter exclusivity," said one of the people cited above. Blackstone is competing closely with Brookfield and INOX Clean Energy, to acquire BluPine, the peoplesaid. Mint was the first to report private equity and strategic investor interest in the deal, including that of Blackstone, on 18 August. Blackstone and Actis spokespersons declined to comment. Emails sent to INOX did not elicit a response till the time of publishing. Brookfield declined to comment. The scale of India's renewable energy opportunity has attracted both domestic and global investors. Investments in the sector have gathered pace in recent years, with the government targeting 500GW of installed non-fossil-fuel capacity by 2030. Achieving this target will require an estimated investment of about Rs.42 trillion, according to government estimates. Actis launched BluPine Energy in 2022, targeting 4GW of utility-scale solar, wind and energy storage capacity through a buy-and-build strategy. The company develops projects with both government and commercial and industrial (C&I) power purchase agreements (PPAs) across India. In the same year, BluPine acquired an operating solar portfolio of 404MW spread across the country as part of its expansion. Led by Neerav Nanavaty, the Gurugram-based company develops, builds, owns and operates renewable energy projects across India. It has expanded its C&I business through customized renewable energy solutions using captive, group captive and open-access models, helping businesses across sectors meet their sustainability and decarbonization goals. Actis is a global infrastructure investor with a track record of building businesses and operating assets across markets. It has deployed more than $7.1 billion across different investment strategies in Asia....