SolarArise, a Delhi-based solar project developer, has announced the completion of its acquisition by Thomas Lloyd Energy Impact Trust, an investment fund listed on the London Stock Exchange.

SolarArise has eight solar power projects with a total capacity of 400 MW across Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka, and Telangana. SolarArise’s operating revenues are generated under fixed-price, long-term power purchase agreements.

Last June, Thomas Lloyd Impact Trust had acquired the remaining 57% interest in SolarArise India Projects for a cash consideration of $38.5 million. The initial 43% interest acquired in SolarArise in 2018 was a part of the seed assets outlined at the initial purchase offering.

Thomas Lloyd Energy Impact Trust is a renewable energy investment trust which provides direct access to sustainable energy infrastructure in the fast-growing economies of Asia.

Tanya Singhal, Founder and Director of SolarArise, said, “Our goal was to grow a valuable portfolio of solar projects that put India on the road to a fossil-free future. With this acquisition, our investors have received multiples on their investment. I believe Indian entrepreneurs can play a crucial role and make India a hub for climate technologies. I will continue to pursue my passion of moving the world towards carbon neutrality, leveraging technology that will help us all move towards an emission-free lifestyle.”

Gunter Fischer, Principal Advisor at European Investment Bank Group, said, “I have greatly appreciated the opportunity of working with the highly experienced and skilled SolarArise founders and the team over the last eight years. I have seen first-hand the hard work and strong dedication that has gone into growing the portfolio and taking us to a successful exit.”

Last month, SolarArise was declared one of the winners in the auction conducted by the Maharashtra State Electricity Distribution Company to procure 500 MW of power on a long-term basis from Phase IX of grid-connected intrastate solar projects. SolarArise had quoted ₹2.90 (~$0.035)/kWh and won the capacity of 100 MW.

Earlier, SolarArise was declared one of the winners in the Rewa Ultra Mega Solar Limited’s auction for 450 MW of solar projects at the Shajapur Solar Park in Madhya Pradesh. SolarArise had won a capacity of 125 MW quoting ₹2.339 (~$0.0314)/kWh.