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					</table><p><a href="https://www.solararise.com/" target="_blank" rel="noopener">SolarArise</a>, a Delhi-based solar project developer, has announced the completion of its acquisition by <a href="https://tlenergyimpact.com/" target="_blank" rel="noopener">Thomas Lloyd Energy Impact Trust</a>, an investment fund listed on the London Stock Exchange.</p>
<p>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.</p>
<p>Last June, Thomas Lloyd Impact Trust had <a href="https://mercomindia.com/thomaslloyd-trust-acquires-the-remaining-57-stake-in-solararise-india/" target="_blank" rel="noopener">acquired</a> 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.</p>
<p>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.</p>
<p>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.”</p>
<p>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.”</p>
<p>Last month, SolarArise was <a href="https://mercomindia.com/solararise-sjvn-green-energy-tata-power-msedcls-500-mw-solar/" target="_blank" rel="noopener">declared</a> 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.</p>
<p>Earlier, SolarArise was <a href="https://mercomindia.com/ntpc-solararise-win-rumsls-450-mw-shajapur-solar-auction-lowest-tariff-%e2%82%b92-33-kwh/" target="_blank" rel="noopener">declared</a> 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.</p>


London-based Thomas Lloyd Energy Trust Acquires SolarArise


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					</table><p><a href="https://tlenergyimpact.com/" target="_blank" rel="noopener">ThomasLloyd Energy Impact Trust plc</a>, a renewable energy investment trust<strong>,</strong> has acquired the remaining 57% interest in <a href="https://www.solararise.com/" target="_blank" rel="noopener">SolarArise India Projects</a> for a cash consideration of $38.5 million. The transaction is expected to be completed in the coming weeks.</p>
<p>The <a href="https://mercomindia.com/thomaslloyd-stakes-solar-developer-solararise/" target="_blank" rel="noopener">initial</a> 43% interest acquired in SolarArise in 2018 was a part of the seed assets outlined at the initial purchase offering (IPO). The initial purchase is expected to be completed in the coming weeks. The acquisition of the remaining interest is likely to be completed in the fourth quarter of 2022.</p>
<p>ThomasLloyd Energy Impact Trust is a renewable energy investment trust listed on the London Stock Exchange, providing direct access to sustainable energy infrastructure in the fast-growing economies of Asia.</p>
<p>&#8220;We are delighted to have reached an agreement to acquire the remaining 57% interest in SolarArise, increasing our holding to 100%. Having now committed or deployed IPO proceeds into ten solar plants in India and the Philippines, 66% of our IPO proceeds have been effectively invested, and with our near-term pipeline, this puts us firmly on track with our deployment targets as set out at IPO. Our strategy of investing in sustainable energy infrastructure in fast-growing economies to deliver financial returns alongside environmental and social benefits represents a large opportunity in areas where the investment case is compelling, and the largest impact can be seen with regards to achieving net-zero,&#8221; said Nandita Sahgal-Tully, Managing Director of Infrastructure Asset Management at ThomasLloyd.</p>
<p>SolarArise is a Delhi-based renewable energy platform that holds interest in seven solar power projects in India, totaling 434 MW. Of this entire portfolio, 234 MW is operational, and 200 MW is construction-ready.  The entirety of SolarArise&#8217;s operating revenues is generated under fixed-price, long-term power purchase agreements.</p>
<p>Last July, SolarArise (Talettutayi Solar Projects Nine) <a href="https://mercomindia.com/ntpc-solararise-win-rumsls-450-mw-shajapur-solar-auction-lowest-tariff-%E2%82%B92-33-kwh/" target="_blank" rel="noopener">won</a> the bid to develop 125 MW of solar projects quoting ₹2.339 (~$0.0314)/kWh in Rewa Ultra Mega Solar Limited&#8217;s auction for 450 MW of solar projects at the Shajapur Solar Park in Madhya Pradesh.</p>
<p>In 2020, SolarArise (Talettutayi Solar Projects Eight) <a href="https://mercomindia.com/ib-vogt-jakson-vijay-printing-press-solararise-winners-solar-auction/" target="_blank" rel="noopener">won</a> a capacity of 9 MW in the Uttar Pradesh New and Renewable Energy Development Agency&#8217;s 500 MW solar auction.</p>


ThomasLloyd Trust Acquires the Remaining 57% Stake in SolarArise India

<p>ThomasLloyd, a global investment and advisory firm dedicated to the infrastructure sector in Asia, has announced the acquisition of a significant stake in the Delhi-based solar project developer SolarArise India Projects Pvt Ltd.</p>
<p>This is ThomasLloyd’s first renewable energy investment in India, and beyond the current identified portfolio, ThomasLloyd has the scope to expand capacity in excess of 1 GW of grid-connected solar for the Indian solar market.</p>
<p><a href="http://www.solararise.com/" target="_blank" rel="noopener">SolarArise</a> currently owns and operates approximately 130 MW of grid-connected solar power projects in India. This investment is expected to support the company’s expansion of its solar capacity by approximately 250 MW. These projects will be a combination of government and state sector projects as well as selected private sector projects, benefiting from long-term power purchase agreements.</p>
<p>ThomasLloyd will join the existing founding shareholders, the European Initiative on Clean, Renewable Energy, Energy Efficiency and Climate Change related to Development SICAV SIF in relation to Global Energy Efficiency and Renewable Energy Fund (“GEEREF”), advised by the European Investment Bank Group, and Kotak Mahindra managed Core Infrastructure India Fund (“CIIF”), along with the founding management team.</p>
<p>Following the investment, ThomasLloyd says it will become the largest shareholder in the company.</p>
<p>The investment will be from ThomasLloyd Cleantech Infrastructure Holding GmbH, ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV-Sustainable Infrastructure Income Fund.</p>
<p>ThomasLloyd’s chairman Michael Sieg, commented, “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.”</p>
<p>The Indian solar market is fast-growing and dynamic. <a href="https://mercomindia.com/greenko-to-acquire-skeiron-assets-renewables/" target="_blank" rel="noopener">Previously</a>, Mercom also reported that <a href="http://www.greenkogroup.com/" target="_blank" rel="noopener">Greenko Group</a> has entered into a definitive purchase agreement to acquire Skeiron Green Renewables. The deal will add approximately $200 million to Greenko’s EBITDA in the first full year after close, with further accretion and growth anticipated thereafter. When completed, this will be Greenko’ third <a href="https://mercomindia.com/greenko-acquires-orange-renewables/" target="_blank" rel="noopener">acquisition</a> in India, and the second in this year alone.</p>
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ThomasLloyd Acquires Major Stake in Solar Project Developer SolarArise India

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