Partners Group To Acquire RE Platform Sunsure Energy For $400 Million

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Global private markets firm Partners Group has agreed to acquire a majority stake in Sunsure Energy, a renewable energy and decarbonization solutions platform in India, on behalf of its clients.

The official statement of Partners Group held that the company will invest up to $400 million in the Sunsure Energy.

Sunsure was founded in 2015 and has built solar plants for Commercial & Industrial customers and third-party renewable power producers in India. Partners Group said that under its ownership, Sunsure will be transformed into a next-generation independent power producer that will build and own utility-scale solar, wind, solar-wind hybrid, and battery storage renewable energy projects.

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Partners Group held that the Platform is targeting over 3 GW of operational capacity and will be focused on selling power directly to C&I customers through long-term PPAs. The Platform also plans to help customers meet decarbonization and energy cost reduction targets by expanding the scope of existing client relationships to provide additional value-added services, such as energy-as-a-service and carbon credit management.

India is the third largest electricity market in the world, with C&I customers consuming over 50 per cent of the power generated in the country. This will rise in line with India’s real GDP growth. Renewable energy is expected to take a spike.

Partners Group said that it will work closely with the Sunsure founding team and management on achieving the Platform’s vision and delivering value creation initiatives. Luv Parikh, Managing Director, Private Infrastructure Asia, Partners Group, said, “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.”

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“Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers. We look forward to working with the team,” he added.

Shashank Sharma, CEO, Sunsure Energy, said, “At Sunsure, we are looking to bridge the gap between the availability of significant solar and wind energy resources in India and the production of solar and wind power.” He added that Partners Group’s extensive experience in the renewables and decarbonization sectors across North America, Europe, and Asia Pacific, as well as its financial resources, make the firm an ideal partner for the Sunsure platform.

Bharath Rajagopalan, Member of Management, Private Infrastructure Asia, Partners Group, stated that Sunsure is well-positioned to achieve positive stakeholder impact over the long term by helping businesses reduce their carbon emissions. “There is also a strong economic rationale for India’s C&I customers to purchase renewable power directly from independent producers such as Sunsure. The government’s far-sighted and favorable renewable energy policy, as well as India’s resilient economic growth, are additional tailwinds that attracted us to Sunsure and the Indian renewable energy space,” said Rajagopalan.

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Partners Group’s Private Infrastructure business has $21 billion in assets under management and has made over 130 investments in 18 countries world over.