Edelweiss Infrastructure Yield Plus (EIYP), an AIF managed by Edelweiss Alternative Asset Advisors has acquired 74% stake in the Indian solar portfolio of the French energy major – Engie Group. Engie’s solar assets portfolio in India has a total capacity of 813 MWp.
This partnership between EIYP and Engie is aimed at creating a high-quality solar platform of substantial scale with a plan to add 2 GW solar assets in India over the next couple of years, the company said in a press note. “These assets will be developed by Engie and acquired by EIYP post-commissioning as per agreed terms.”
EIYP along with its investee company Sekura Energy Limited (Sekura Energy), has completed the first stage towards the acquisition of 74% stake in the solar portfolio of the Engie Group in India with 813 MWp of operating capacity. Additionally, the partnership provides EIYP access to a 2 GW pipeline of quality assets that will be developed and constructed by Engie in accordance with agreed terms.
With an AuM of over Rs. 30,500 crores, EAAA focuses on providing long term growth capital to companies and projects and EIYP is the largest yield focused infrastructure AIF in India and the only platform owning and operating assets in all three large infrastructure sectors – transmission, solar energy and highways. This investment is in line with EIYP’s strategy to generate regular yield and create value for its investors by taking a controlling stake in quality operating infrastructure assets with strong cash flows.
“Acquiring operating infrastructure assets helps developers to unlock capital and de-lever, enabling them to take on newer and larger opportunities. As India, transitions to clean energy, this model will be the core of the country’s ambitious renewable capacity expansion program”, said Hemant Daga, CEO, Edelweiss Asset Management.
