New Delhi, Sept. 30 -- General Atlantic-owned private equity firm Actis on Wednesday launched Leo Energies, its fourth renewable energy platform in India, targeting a portfolio of over 3 gigawatts (GW) across onshore wind, solar, and battery storage assets.
The London-headquartered firm has signed agreements to acquire about 650 megawatt-peak (MWp) of solar capacity, all of which is operational at acquisition. Around 160 MWp has closed to date, including a 110 MWp portfolio acquired from integrated clean energy platform TrueRE Oriana Power.
The assets span five states - Rajasthan, Tamil Nadu, Gujarat, Karnataka, and Andhra Pradesh - and are contracted under long-term power purchase agreements (PPAs) with central offtakers, state distribution utilities, and commercial and industrial (C&I) clients. Actis said further acquisitions and greenfield PPA auctions are in the near-term pipeline.
The statement did not disclose financial terms, the equity size of the vehicle or the specific funds backing the new platform.
Media reports have pegged the platform's target size at $2 billion.
Leo Energies is the fourth iteration of Actis' buy-and-build strategy in India's renewable energy space, following Ostro Energy, Sprng Energy, and BluPine Energy.
BluPine, launched in 2022, has also surpassed 3 GW in portfolio size. Actis has previously exited Indian renewable energy platforms to strategic buyers, including Shell, Engie, and Global Infrastructure Partners (GIP).
Actis has so far deployed about $1.5 billion in equity in India's energy sector and built or operated nearly 10 GW of installed generation capacity, making it one of the largest foreign private investors in the market. Actis joined General Atlantic in October 2024, forming a global investment platform with around $130 billion in combined assets under management.
The launch coincides with rapid capacity additions in India's clean energy sector. Citing International Renewable Energy Agency (IRENA) statistics, Actis said India's installed renewable energy capacity reached 251 GW in 2025, up from 176 GW in 2023, as the country targets 500 GW of non-fossil capacity by 2030.
According to International Energy Agency projections, India will be the second-largest growth market for renewables globally through 2030, with capacity expected to grow 2.5 times over five years.
Published by HT Digital Content Services with permission from VC Circle.