ThomasLloyd Group today announced it has a significant stake in Delhi-based SolarArise India Projects Pvt. to have acquired. SolarArise owns and operates grid-connected solar power projects in India with a current capacity of 130 MW.
Thanks to ThomasLloyd's investment, SolarArise will be able to expand its existing capacity by a further 250 MW. The planned projects are both national and federal projects and selected private sector projects that benefit from long-term PPAs.
ThomasLloyd expands the circle of SolarArise start-up shareholders from the European Initiative on Clean, Renewable Energy, Energy Efficiency and Climate Change SICAV SIF in relation to Global Energy Efficiency and Renewable Energy Fund (GEEREF), advised by European Investment Bank Group, the Core Infrastructure India Fund, managed by Kotak Mahindra, and the founding team. Through his involvement, ThomasLloyd becomes the largest shareholder of the company.
The founders - Tanya Singhal, Anil Nayar and James Abraham - are experienced experts who have done pioneering work in the Indian solar market since 2009. Among other things, they have co-initiated India's solar policy, initiated technical innovations in the industry and, as a pioneer, developed and financed large-scale solar power plants. The current portfolio of projects reflects their expertise in technology, realization and financing. James Abraham and Tanya Singhal previously worked for the Boston Consulting Group, James Abraham as senior partner and co-founder of BCG India. Anil Nayar was previously Senior Partner at KPMG in Canada and India.
ThomasLloyd's stake is divided between ThomasLloyd Cleantech Infrastructure Holding GmbH, the ThomasLloyd Cleantech Infrastructure Fund SICAV and the ThomasLloyd SICAV - Sustainable Income Income Fund. This transaction is ThomasLloyd's first investment in renewable energy in India. In addition to the current portfolio, ThomasLloyd intends to develop additional capacity of more than 1 GW of grid-connected solar power plants for the fast-growing Indian domestic market.
For ThomasLloyd, Nandita Sahgal Tully, Managing Director of Merchant Banking said: "This partnership underscores our ambitions to harness India's huge renewable energy potential. We want to actively participate in the construction of solar systems in several states. Our strategy is to build a portfolio of high-quality, medium-sized, grid-connected assets with long-term diversified power purchase agreements. We look forward to working with the SolarArise management team and other stakeholders to achieve this goal. "
ThomasLloyd Chairman and Group CEO Michael Sieg commented: "In light of our track record in impact investing in Southeast Asia, our first major investment in the Indian subcontinent is to help meet India's growing energy needs in a sustainable and environmentally friendly manner. In this way, we support the renewable energy target set by the Indian Government in its National Solar Mission to achieve an installed solar capacity of 100 GW by 2022. "
Founder and Managing Director Anil Nayar added: "We look forward to working with the ThomasLloyd Group. Their quality aspirations and ambition to create long-term value fits with our own focus on technology, financing and operations over the life of a plant. Now we want to expand our portfolio through the long-term partnership and thus contribute to India's goal of a clean energy future. "