In a noteworthy development for India’s renewable energy sector, Actis, a global investor in sustainable infrastructure, has acquired 100 per cent ownership of Stride Climate Investments from Macquarie Asset Management. Announced in March 2025, the acquisition underscores Actis’s growing commitment to India’s clean energy transition and strengthens its position as a dominant player in the country’s rapidly evolving green energy landscape.
Stride’s portfolio, previously managed by Macquarie, consists of 371 MW of operational solar power assets (equivalent to 414 MWp) across 21 projects in seven Indian states, with a significant concentration in Gujarat. These assets have long-term power purchase agreements with a diversified base of offtakers, including central government agencies, state utilities and private sector buyers. While the transaction value remains undisclosed, market sources estimate the enterprise value at around $325 million, with an equity value close to $163 million. The investment is in line with Actis’s strategy to acquire cash-generating assets capable of delivering stable and long-term yields. Actis has deployed more than $7.1 billion in Asia since inception across different strategies, and, as a leading energy investor, has built or operated more than 8 GW of installed capacity in the region, including more than 5.5 GW of renewables.
With the acquisition of Stride, Actis now has four major renewable energy platforms in India, following the launches of BluPine Energy, Athena Renewables and ATIS Renewables. BluPine Energy, established in 2022, is building a 4 GW renewable energy platform focused on solar, wind and storage projects, backed by up to $800 million of committed capital. Athena Renewables, launched in 2021, focuses on acquiring operational solar and wind assets, with a portfolio of around 1.1 GW across major Indian states. In late 2023, Actis acquired a majority stake in EDF Renewables India’s operational portfolio, comprising nearly 300 MW of wind and solar assets. Following the acquisition, Actis created ATIS Renewables as a new clean energy platform to manage and grow these assets, reinforcing its stronghold in both wind and solar segments.
Prior to these platforms, Actis made significant contributions to India’s clean energy sector with earlier initiatives such as Ostro Energy, established in 2014, which scaled to over 1.1 GW and was sold to ReNew Power in 2018, and Sprng Energy, founded in 2017, which reached over 2 GW before being acquired by Shell for approximately $1.55 billion in 2022.
In addition to renewable generation, Actis and EDF India formed a joint venture in 2024 to invest in India’s smart metering infrastructure sector. The joint venture aims to participate in large-scale tenders under India’s Revamped Distribution Sector Scheme by deploying, operating and managing smart meters across multiple states. This move leverages EDF’s technical expertise and Actis’s investment strength to address India’s urgent need for digitalised power distribution networks, improve billing efficiency and reduce aggregate technical and commercial losses. Beyond renewables, Actis has expanded into digital infrastructure through Brunel, a sustainable data centre platform, and into transmission and distribution support through Matrix Engineering.
Conclusion
India has set an ambitious target of 500 GW of non-fossil fuel capacity by 2030, along with nationwide smart metering and digitalisation reforms in the power sector. The Actis-Stride transaction, as well as Actis’s other investments in smart metering, transmission and digital infrastructure, is in line with national targets. The Actis-Stride acquisition comes at a time of growing consolidation and capital deployment in India’s renewable energy sector. Developers are increasingly looking to monetise matured assets and investors are seeking long-term, yield-generating opportunities.