TPG is acquiring Aseem Infrastructure Finance, alongside co-investors GIC and ICICI Bank.
The global alternative asset management firm is investing through TPG Rise Climate, its dedicated climate investing platform launched in partnership with Altérra, the UAE-backed climate investment vehicle.
As part of the deal, Indian multinational financial services group ICICI Bank will hold an equity stake of up to 5% in the Mumbai-based sustainable infrastructure debt financier.
Mumbai-headquartered Aseem provides debt financing for sustainable infrastructure assets in India, focusing primarily on renewable energy and power transmission.
The firm was established in 2020 by India’s sovereign-backed alternative asset manager, National Investment and Infrastructure Fund (NIIF). Currently, NIIF is the majority shareholder in the company, alongside minority investors the Government of India and Japanese financial group Sumitomo Mitsui Banking Corporation.
Sanjeev Mehra, business unit partner at TPG Capital Asia, said: “Aseem has been a first mover in India’s sustainable debt financing space, having built a platform that is uniquely positioned to address the country’s growing climate debt financing needs.
“We are excited about our investment and look forward to partnering with the management team to be a catalyst through funding climate solutions that drive energy addition and resilience in India, in line with the India government’s target to reach 500GW of renewable energy capacity by 2030.”
Nilesh Shrivastava, partner, growth equity, NIIF, said: “Aseem’s growth journey reflects NIIF’s ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality.
“This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate financing market. We look forward to Aseem’s continued growth under the stewardship of TPG, GIC and ICICI Bank.”
To read the latest IPE Real Assets magazine click here.
