ThomasLloyd announces acquisition of stake in SolarArise and 130 MW solar portfolio

ThomasLloyd has announced that it has acquired a significant stake in the Delhi-based SolarArise India Projects Pvt Ltd. SolarArise currently owns and operates 130 MW of grid-connected solar power projects in India.

ThomasLloyd’s investment is expected to support SolarArise’s expansion of its solar energy capacity by approximately 250 MW. These projects will be a combination of government and state sector projects as well as selected private sector projects, benefiting from long-term power purchase agreements (PPAs).

ThomasLloyd will join the existing founding shareholders, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), advised by the European Investment Bank Group (EIB), and the Kotak Mahindr-managed Core Infrastructure India Fund (CIIF), along with the founding management team. Following the investment, ThomasLloyd will become the largest shareholder in SolarArise.

The investment will be from ThomasLloyd Cleantech Infrastructure Holding GmbH, ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV-Sustainable Infrastructure Income Fund.

This is ThomasLloyd’s first renewable energy investment in India, and beyond the current identified portfolio, ThomasLloyd has the scope to expand capacity in excess of 1 GW of grid-connected solar for the fast-growing domestic Indian market.