Global sustainable infrastructure investor Actis has announced the launch of Leo Energies, its fourth renewable energy platform in India, with a target portfolio of over 3 GW of onshore wind, solar and battery storage assets.

So far, Leo Energies has signed agreements to acquire around 650 MW of solar capacity spread across Rajasthan, Tamil Nadu, Gujarat, Karnataka and Andhra Pradesh. The projects have been contracted under long-term power purchase agreements and the offtakers include central enterprises, state discoms, commercial and industrial (C&I) consumers.

Of these signed acquisitions, agreements totaling around 160 MW have closed so far. The closed acquisitions include TrueRE Oriana Power’s 110 MW C&I solar portfolio acquired by Actis at an enterprise value of ₹5.01 billion (~$52.20 million).

The acquisition was a part of the proposed divestment of TrueRE Oriana’s approximately 238 MW of operational solar assets to Actis. The transaction is in addition to the partnership between TrueRE Oriana Power and Actis for the joint development of 1 GW of renewable energy assets.

Abhishek Bansal, Managing Director of Energy Infrastructure at Actis, described India as a market featuring a combination of auction-driven growth, a maturing C&I ecosystem, domestic financing depth and a well-established buyer ecosystem. He pointed out that Leo Energies’ strategy of building contracted independent power producers with clear visibility and potential to generate compelling returns was well-suited for such a market.

Actis said it has deployed approximately $1.5 billion in equity capital in India’s energy sector so far, building or operating nearly 10 GW of installed generation capacity. Leo Energies also has additional acquisitions and greenfield PPA auctions in its near-term pipeline as it looks to scale the platform beyond the acquisitions already signed.

The launch of the new platform comes more than a year after Actis acquired a 100% stake in Stride Climate Investments, a solar generation asset portfolio in India, from a Macquarie Asset Management-managed fund. With the deal, Actis gained control of Stride’s 414 MW portfolio of operational solar assets, spanning 21 projects across seven states, with a significant concentration in Gujarat.

According to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report, solar corporate merger and acquisition activity strengthened during the period, increasing to 57 transactions in 1H 2026 from 50 transactions in the corresponding period of 2025.