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ThomasLloyd Energy Impact Trust PLC - London-based Asia-focused renewable energy investment trust - Buys final 57% stake in New Delhi-based solar plant operator SolarArise India Projects Private Ltd. ThomasLloyd Energy bought 43% stake in SolarArise in March. ThomasLloyd funds $38.5 million acquisition from existing cash resources. Completion expected in the coming weeks.
‘SolarArise is a Delhi based renewable energy platform which holds interests in seven solar power projects in India totalling 434 megawatt, of which 234 megawatt is operational and 200 megawatt is construction-ready. 100% of SolarArise's operating revenues are generated under fixed price, long-term power purchase agreements,’ ThomasLloyd Energy explains.
‘This puts us firmly on track with our deployment targets as set out at initial public offering,’ says Nandita Sahgal-Tully, managing director of ThomasLloyd Energy's infrastructure asset management arm. ‘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,’ she adds.
Current stock price: 88.00 pence, down 1.4% on Tuesday
12-month change: up 14%
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