ThomasLloyd Energy Will Buy 43% Stake in SolarArise India

The Indian Government has given a go ahead to the proposal of ThomasLloyd Energy Impact Trust Plc to purchase 43% stake in SolarArise India Projects Pvt Ltd. The deal comes at $34.6 million (Rs 265 crores approx.) That values Solar Arise at  approx. Rs 620 crores.

ThomasLloyd says that in the second quarter of this year, all-stock related transactions will be completed. The renewable energy trust has also entered into agreement with other shareholders of SolarArise to buy further shares in the firm. Following the investment, it will become the largest shareholder in the Company.

The investment will be from ThomasLloyd Cleantech Infrastructure Holding GmbH, ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV-Sustainable Infrastructure Income Fund. This is ThomasLloyd’s first renewable energy investment in India. The trust believes that it has scope to expand capacity in excess of 1GW of grid-connected solar for the fast-growing domestic Indian market.

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SolarArise India has seven solar projects with a combined capacity of 434 MW. The company had recently commissioned a 75-MW solar photovoltaic (PV) plant in Uttar Pradesh.

Michael Sieg, Chairman and Group CEO, ThomasLloyd, said, “Building on our track record of impact investing in Southeast Asia we believe this is an important investment in addressing the growing energy needs of India in a sustainable and environmentally responsible manner. We support the Government’s renewable energy target outlined in their National Solar Mission of 100GW installed solar capacity by 2022.”

Founder and Director of SolarArise, Anil Nayar, said, “We are excited to work with the ThomasLloyd Group. Their philosophy of quality and long-term value creation resonates with our own focus on technology, operations, and finance over the lifetime of the plant. We are looking forward to building together our portfolio and years of a partnership to serve India’s goals for a clean-energy future.”

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“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. Our strategy has always been to build a portfolio consisting of high quality, medium-sized, grid connected assets with long term diversified PPAs,” said Nandita Sahgal Tully, Managing Director – Merchant Banking, ThomasLloyd.