ThomasLloyd Energy to buy out Indian platform SolarArise

Solar power plant in Uttar Pradesh, India. Source: ThomasLloyd Group.

June 21 (Renewables Now) - ThomasLloyd Energy Impact Trust Plc (LON:TLEI) today said it has agreed to acquire the remaining 57% interest in Indian renewable energy platform SolarArise India Projects Pvt Ltd for USD 38.5 million (EUR 36.6m).

The renewable energy investment trust listed on the London Stock Exchange in December 2021. The acquisition of the initial 43% stake in SolarArise was part of the seed assets unveiled at the initial public offspring (IPO). The initial purchase is expected to be completed in the coming weeks, while the follow-on acquisition in the fourth quarter of 2022.

SolarArise owns interests in seven solar projects with a combined capacity of 434 MW, including 234 MW operational and 200 MW construction-ready. The platform’s operating revenues come from fixed-price, long-term power purchase agreements (PPAs).

The deal means ThomasLloyd Energy has consumed 66% of its net IPO proceeds.

“Having now committed and/or deployed IPO proceeds into 10 solar plants in India and the Philippines, 66% of our IPO proceeds have been effectively invested, and with our near term pipeline, this puts us firmly on track with our deployment targets as set out at IPO,” said Nandita Sahgal-Tully, managing director, Infrastructure Asset Management at ThomasLloyd.

(USD 1 = EUR 0.951)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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