LONDON, UK: ThomasLloyd Energy Impact Trust, the renewable energy investment trust providing direct access to sustainable energy infrastructure in fast-growing and emerging economies in Asia, has successfully completed the acquisition of the remaining 57% economic interest in SolarArise India Projects Private Limited, taking its total ownership to 100%.

The consideration of US$38.5 million was funded from existing cash resources.

SolarArise is a Delhi based renewable energy platform which owns seven solar power projects in India with capacity totalling 434 MW, of which 234 MW is operational and 200 MW is construction-ready. 100% of SolarArise’s operating revenues are generated under 25-year fixed price government or quasi-government power purchase agreements. The initial acquisition of 43% in SolarArise was completed in August 2022.

Commenting on today’s announcement Nandita Sahgal Tully, Head of M&A and Project Finance at the Investment Manager, said: “Completion of the acquisition of the remaining interest in SolarArise marks an important milestone for ThomasLloyd Energy Impact Trust.

The investment portfolio now comprises nine operating solar plants and one construction stage solar plant with a total capacity of 514MW. We also anticipate the completion of the two Vietnamese solar projects shortly, following the announcement of their acquisition on 2 November 2022.

Our strategy of investing in renewable energy projects across a balanced portfolio of construction-ready and operational assets in fast-growing economies in Asia is a key differentiator in targeting long-term double-digit financial returns and new, significant and ongoing impact.”