Partners Group invests in solar power firm Sunsure Energy
Solar panels. Photo by: Innovative Solar Systems (www.innovativesolarsystemsllc.com).
Swiss investment management company Partners Group Holding AG (SWX:PGHN) is taking a majority stake in India-based solar power company Sunsure Energy with a plan to expand the business into an independent power producer with a targeted operational capacity of over 3 GW.
The private equity firm intends to invest up to USD 400 million (EUR 380.9m) in the Indian platform, a press release said on Thursday.
Set up in 2015, Sunsure develops and installs rooftop and open access solar power plants for commercial and industrial (C&I) customers and third-party renewable power producers in the country.
The Swiss investment firm plans to transform the Indian business into an independent power producer that will build and own utility-scale solar, wind, solar-wind hybrid and battery storage renewable energy assets. The platform will sell power directly to C&I customers through long-term power purchase agreements (PPAs).
"Sunsure is a transformational, next-generation infrastructure investment opportunity in India's growing renewable energy sector, which has been a thematic focus area at Partners Group for many years. We intend to help companies operating in India meet decarbonisation goals and assist in the country's overall energy transition,” said Luv Parikh, Partners Group’s managing director for Private Infrastructure Asia.
Partners Group is a global private markets firm with USD 131 billion in assets under management as of June 30, 2022. Its renewable energy portfolio includes investments in Dimension Renewable Energy, EnfraGen and VSB Group, among others.
The Swiss firm earlier this week agreed to sell 1.1-GW Australian renewable energy platform CWP Renewables, which it developed from the ground, to Squadron Energy. In September, the company agreed to offload a 20% stake in the 731.5-MW Borssele III & IV offshore wind complex in Dutch waters.