ThomasLloyd Energy closes buy of remaining stake in Indian solar platform
Solar power plant in Uttar Pradesh, India. Source: ThomasLloyd Group.
ThomasLloyd Energy Impact Trust plc (LON:TLEP) said today it has completed the acquisition of the remaining 57% stake in Indian renewables platform SolarArise India Projects Pvt Ltd.
The USD-38.5-million (EUR 35.6m) deal, announced in June 2022, makes the firm 100% owner of the platform, which owns 434 MW across seven solar power projects in India, including 234 MW in operation and 200 MW ready-to-build. Completion of the acquisition of the initial 43% stake took place in August 2022.
SolarArise derives its operating revenues entirely from 25-year fixed price government or quasi-government power purchase agreements.
“The investment portfolio now comprises nine operating solar plants and one construction stage solar plant with a total capacity of 514 MW,” said Nandita Sahgal Tully, head of mergers and acquisitions (M&A) and project finance at the investment manager, ThomasLloyd Global Asset Management (Americas) LLC, a unit of ThomasLloyd Group.
The renewable energy investment trust, which invests in construction-ready and operational assets in fast-growing economies in Asia, also expects to shortly complete the two transactions in Vietnam announced in November 2022 that involve rooftop solar assets.