Actis has acquired a solar generation asset portfolio in India from a fund managed by Macquarie Asset Management.
The infrastructure investor has acquired Stride Climate Investments, which holds a 371MW portfolio of operational solar assets spanning 21 projects across seven Indian states, with a concentration in Gujarat.
The financial terms of the acquisition were not disclosed, however, media reports place the portfolio’s enterprise value at around $325m (€300m).
The acquisition adds Stride to Actis’s existing Indian energy generation platforms, BluPine Energy and Athena Renewables.
Adrian Mucalov, partner, head of long life infrastructure at Actis, said: “The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach.
“The business has a 10-year operating history, compelling cash generation and low existing leverage. We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.”
Abhishek Bansal, partner, energy infrastructure at Actis, said: “Actis has a long experience of successful investment in the Indian renewable energy sector, exemplified by Ostro Energy and Sprng Energy previously as well as by our current renewables platforms.
“The Indian economy is continuing to grow rapidly and its energy transition is accelerating apace, with the government aiming to secure 50 percent of the country’s electricity from renewables by 2030. This environment is therefore creating ample opportunities, especially for an investor such as Actis with expertise in driving efficiency and creating value in this market.”
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