UK-based investment firm ThomasLloyd has acquired a significant stake in Indian company SolarArise India Projects for an undisclosed sum.
The investment will be provided by ThomasLloyd Cleantech Infrastructure Holding, ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV-Sustainable Infrastructure Income Fund.
ThomasLloyd chairman and Group CEO Michael Sieg said: “Building on our track record of impact investing in Southeast Asia we believe this is an important investment in addressing the growing energy needs of India in a sustainable and environmentally responsible manner.
“We support the government’s renewable energy target outlined in their National Solar Mission of 100GW installed solar capacity by 2022.”
SolarArise intends to use ThomasLloyd investment to further expand its solar energy capacity by nearly 250MW, which will be a combination of government and state sector projects as well as selected private sector projects.
Currently, SolarArise owns and operates 130MW of grid-connected solar power projects in India.
It will be the first investment by ThomasLloyd in the Indian renewable energy segment.
With this investment, the company will become the largest shareholder in SolarArise.
ThomasLloyd noted that there is scope for solar energy capacity expansion to more than 1GW.
SolarArise founder and director Anil Nayar said: “We are excited to work with the ThomasLloyd Group. Their philosophy of quality and long-term value creation resonates with our own focus on technology, operations, and finance over the lifetime of the plant.
“We are looking forward to building together our portfolio and years of a partnership to serve India’s goals for a clean-energy future.”