Global private markets firm Partners Group is buying a majority stake in Sunsure Energy, a leading renewable energy platform in India.
As part of the deal, Partners Group said it has agreed to invest up to $400m (€304m) to help transform the renewable energy firm 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”.
Sunsure, which was founded in 2015, has in the past mainly built solar plants for commercial and industrial (C&I) customers and third-party renewable power producers in India.
Sunsure is targeting over 3GW of operational capacity and will be focused on selling power directly to C&I customers through long-term power purchase agreements.
Luv Parikh, managing director of private infrastructure in Asia at 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.
“We intend to help companies operating in India meet decarbonisation goals and assist in the country’s overall energy transition. 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.”
Shashank Sharma, founder and CEO of 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. Since inception, we have delivered solar power to C&I clients across multiple industries in 16 states. We believe Sunsure’s transition into an independent power producer is the best way to ensure more businesses benefit from low-cost solar and wind power in the future.”
Bharath Rajagopalan, a member of management of private infrastructure in Asia at Partners Group, said: “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 favourable 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.”
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