Gurgaon (India), February 3: SolarArise India Projects Private Limited (“SolarArise”) announced the successful completion of its acquisition by ThomasLloyd Energy Impact Trust (TLEI), an investment trust listed on the London Stock Exchange (LSE). The acquisition, which was first announced on 21 June 2022, has seen TLEI acquire the remaining 57% economic interest in SolarArise, taking its total ownership to 100%. The consideration for the acquisition was US$38.5 million and was funded from existing cash resources.
SolarArise is now an Indian utility-scale solar company with its assets listed as a part of TLEI on the LSE. The renewable energy platform was founded in 2015 by solar entrepreneurs Tanya Singhal, Anil Nayar, and James Abraham, with investments from global infrastructure equity funds such as Core Infrastructure India Fund Pte Ltd. (CIIF) and Global Energy Efficiency and Renewable Energy Fund (GEEREF).
Speaking on the occasion, Ms. Tanya Singhal said “Our goal was to grow a valuable portfolio of solar projects that put India on the road to a fossil-free future. With this acquisition, our investors have received multiples on their investment. I believe Indian entrepreneurs can play a crucial role and make India a hub for climate technologies. I will continue to pursue my passion of moving the world towards carbon neutrality, leveraging technology and AI that will help us all move towards an emission-free lifestyle.”
Gunter Fischer, Principal Advisor at European Investment Bank Group, said “I have greatly appreciated the opportunity of working with the highly experienced and skilled SolarArise founders and the team over the last 8 years. I have seen firsthand the hard work and strong dedication that has gone into growing the portfolio and taking us to a successful exit.”
SolarArise is a Delhi-based renewable energy platform that holds eight solar power projects totaling over 400 MWp in India across the states of Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka, and Telangana. The operating revenues of the projects are generated under fixed-price, long-term power purchase agreements.
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