WiseEnergy Signs 550 MW Asset Management Contract in India With Actis

WiseEnergy has formed a partnership in India with Actis to provide comprehensive asset management services for its 550 MWp (400 MW AC) solar portfolio.

Solar asset management firm WiseEnergy has announced that it has formed a partnership in India with Actis, one of the largest investors in renewable energy growth markets. The firm has signed a multi-year contract to provide comprehensive Asset Management Services for a 550 MWp (400 MW AC) solar portfolio in India that Actis Long Life Infrastructure Fund (ALLIF) has recently acquired.

WiseEnergy is part of the NextEnergy Capital group, which includes solar asset investment vehicles such as NextEnergy Solar Fund.

“This agreement represents a major milestone for WiseEnergy,” said Rebecca Carter, Managing Director at WiseEnergy. “Not only does it increase our presence in India, one of our key growth markets, it also establishes our partnership with Actis. We are honoured that Actis chose WiseEnergy to manage its newly acquired solar plants in India and are excited about the growth possibilities this brings for both parties in the future.”

Pratik Ghoshal, Global Head of Business Development said that “beginning from July 2020, WiseEnergy will provide end-to-end asset management services, including financial, commercial and technical management, for two projects (four plants in total) located in the states of Madhya Pradesh and Andhra Pradesh.”

The portfolio, comprising four assets located in Andhra Pradesh and Madhya Pradesh, two of which were acquired last month from Acme Solar Holdings.

These projects, acquired through ALLIF were acquired at an enterprise value of Rs 2300 crore. And is one of the largest deals in the Indian renewable sector since the Covid virus outbreak. Actis outbid Canadian fund, Brookfield, to strike a deal with one of the largest solar power producers in India.

Actis’ recent investments through its Energy Funds include Ostro Energy which was sold in 2018 in one of the largest renewable energy deals in India and Sprng Energy which currently has 648 MW of operating assets and a further pipeline of 1100 MW which are in various stages of execution. Sprng Energy had acquired the operating 194 MW solar energy portfolio of the Shapoorji Pallonji Group last year.

"Want to be featured here or have news to share? Write to info[at]saurenergy.com
Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

      SUBSCRIBE NEWS LETTER
Scroll