Actis' investment in Indian renewable energy company BluPine Energy was awarded the 'Impact project/investment of the year: Renewables' for its commitment to promoting a just transition through investment in the rural economy and India's decarbonisation story.

IMPACT Awards judges highlighted the opening of five skill development centres for members of the local community from underprivileged backgrounds in Gujurat by BluPine. A six-month-long training programme aims to equip participants with skills and knowledge in utility-scale solar and wind power installation and operation.

In its submission, Actis said the initiative had also benefited women who are traditionally underrepresented in the renewables sector. Of the 138 people to have received training certificates from the centres, 50 had found direct employment at BluPine projects, including 17 women. The investor said the programme had provided proof of concept and hoped to expand it to reach a further 240 participants.

BluPine launched in 2021 and currently has a 2.4GW renewable energy generation capacity.

One judge said: "This submission shows a real commitment to the just transition in a localised setting and a good example of an investment delivering real impact."

Actis has committed up to $800 million to BluPine from its Energy Fund 5, targeting more than 4GW of renewable capacity from wind, solar and battery storage. BluPine currently has total capacity of 2.4GW.

"The programme was designed to drive positive environmental and social impact by promoting rural economic development, the renewables industry and contributing to a just and equitable transition," said Polly Firman, associate – sustainability, at Actis.

"The beauty of this programme is that it is also scalable, and we're working with BluPine to reach a further 240 beneficiaries in addition to the current 138 beneficiaries. We believe this programme exemplifies how a strong focus on sustainability can help mitigate risks and unlock greater value."