October 9 (Solar) – Asia-focused investment firm ThomasLloyd said today it acquired a "significant stake" in Indian project developer SolarArise India Projects Pvt Ltd, which owns and operates 130 MW of grid-connected solar projects in India.
ThomasLloyd added its investment is expected to help SolarArise expand its solar capacity by about 250 MW, which will be a mix of government and state sector projects and selected private sector projects with long-term power purchase agreements (PPAs).
Via the deal, ThomasLloyd's first renewable energy investment in India, the investment firm becomes the largest shareholder in SolarArise. The Indian solar developer was set up in 2014 by James Abraham, Anil Nayar and Tanya Singhal. It is backed by GEEREF, a fund-of-funds advised by European Investment Bank (EIB), and CIIF, an India-focused infrastructure private equity fund managed by Kotak Mahindra Bank.
ThomasLloyd said that beyond the current identified portfolio, it has the scope to expand capacity in excess of 1 GW of grid-connected solar for the fast-growing Indian market.