Sustainable infrastructure investor Actis has acquired a 100% stake in Stride Climate Investments, a solar generation asset portfolio in India, from a Macquarie Asset Management-managed fund.

Through this deal, Actis will gain control of Stride’s 371 MW (414 MWp) portfolio of operational solar assets, spanning 21 projects across seven states, with a significant concentration in Gujarat. Stride’s portfolio has nearly a decade of operational history. It features long-term pay-as-produce power purchase agreements with a diverse mix of off-takers, including central and state governments and private sector entities.

With this acquisition, Stride becomes Actis’ third active energy generation platform in India, alongside BluPine Energy and Athena Renewables.

Commenting on the acquisition, Adrian Mucalov, Partner and Head of Long Life Infrastructure, Actis, said, “The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation, and low existing leverage. We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.”

Actis has deployed over $7.1 billion in Asia since its inception across different strategies. It has built or operated more than 8 GW of installed capacity in the region, including more than 5.5 GW of renewables.

Actis’ other renewable energy sector investments in India include Ostro Energy and Sprng Energy.

Mergers and acquisitions witnessed a 15% YoY decline in 2024, with 82 transactions compared to 96 in 2023, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. There were 82 M&A transactions announced in 2024, with 21 amounting to $17.3 billion. By comparison, 96 companies (27 disclosed) were acquired for $12.4 billion in 2023.

Solar downstream companies led corporate M&A activity in 2024, acquiring 66 companies, followed by manufacturers acquiring six companies, service providers, and the balance of system companies with five acquisitions each.