Thomas Lloyd Acquires Investor Shares in Solar Developer SolarArise

Delhi-based SolarArise and Investment Fund Thomas Lloyd have announced the completion of acquisition of its investors shares by ThomasLloyd Energy Impact Trust (TLEI), an investment trust listed on the London Stock Exchange (LSE). The deal makes SolarArise an Indian utility scale solar company with its assets listed as a part of a trust on the LSE.

SolarArise was founded in 2015 by  Tanya Singhal, Anil Nayar, and James Abraham with investments from global infrastructure equity funds – Core Infrastructure India Fund Pte Ltd. (CIIF- equity fund managed by Kotak Mahindra) and Global Energy Efficiency and Renewable Energy Fund (GEEREF – a fund advised by European Investment Bank Group).

ThomasLloyd said that 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).

This is ThomasLloyd’s first renewable energy investment in India, making it the largest shareholder in SolarArise.

Speaking on the occasion, Tanya Singhal 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 team over the last 8 years. I have seen firsthand the hard work and strong dedication that has gone into growing the portfolio and taking us to a successful exit.”

SolarArise is a Delhi based renewable energy platform that holds eight solar power projects totalling over 400 MWp in India across the states of Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka and Telangana. The operating revenues of the projects are generated under fixed-price, long-term power purchase agreements.