The investment in PV IPP SolarArise India is in line with ThomasLloyd’s India strategy to be involved in the setup of greenfield solar assets across several countries. Pictured is ThomasLloyd’s San Carlos Solar Energy I (SaCaSol-I)-IA project in the Philippines. (Photo Credit: ThomasLloyd Group)
- ThomasLloyd has acquired a significant stake in SolarArise India Projects and becomes largest shareholder in the Indian solar IPP for an unspecified amount
- SolarArise owns an operational capacity of 130 MW of grid-connected solar power projects in India and now plans to expand its portfolio by 250 MW
- SolarArise's new PV portfolio will comprise government and state sector projects along with selected private sector projects
Global investment and advisory firm ThomasLloyd has acquired an unspecified but ‘significant’ stake in a solar power project company in India that owns and operates 130 MW grid-connected solar power projects in the country. With this investment, ThomasLloyd will become the largest shareholder in Delhi based SolarArise India Projects Pvt Ltd., which will also mark its first renewable energy investment in India.
This will enable SolarArise to expand its solar energy capacity by some 250 MW. ThomasLloyd says these projects will comprise government and state sector projects along with selected private sector projects, all of which will have long-term power purchase agreements (PPAs).
According to the investment firm, beyond the current identified portfolio, ThomasLloyd has the scope to expand capacity in excess of 1 GW of grid-connected solar in India, revealing its appetite to grab a notable share of the growing Indian PV market.
“This partnership will fuel our ambitions to tap into the incredible opportunity in the Indian renewables sector and to be involved in the setup of greenfield solar assets across several states,” said Managing Director Merchant Banking for ThomasLloyd, Nandita Sahgal Tully. “Our strategy has always been to build a portfolio consisting of high quality, medium-sized, grid connected assets with long term diversified PPAs. We look forward to working with the management team and other stakeholders to achieve this target.”
SolarArise has been around since 2009 and is helmed by a trio – Anil Nayar, Tanya Singhal and James Abraham, who have worked with KPMG and The Boston Consulting Group (BCG) in the past.
Existing founding shareholders in SolarArise are the European Initiative on Clean, Renewable Energy, Energy Efficiency and Climate Change related to Development SICAV SIF in relation to Global Energy Efficiency and Renewable Energy Fund (GEEREF), advised by the European Investment Bank Group, and Kotak Mahindra managed Core Infrastructure India Fund (CIIF), along with the founding management team.
ThomasLloyd will procure money from ThomasLloyd Cleantech Infrastructure Holding GmbH, ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV-Sustainable Infrastructure Income Fund.