ThomasLloyd Energy Impact Trust completes acquisition of SolarArise

ThomasLloyd Energy Impact Trust, an investment trust listed on the London Stock Exchange (LSE), has fully acquired SolarArise India Projects.

With the acquisition, which was first announced on June 21, 2022, the trust has purchased the remaining 57 per cent equity stake in SolarArise, according to a statement on Friday.

The consideration for the acquisition was USD 38.5 million and was funded from existing cash resources.

SolarArise is a Delhi-based renewable energy platform that holds eight solar power projects totalling over 400 MWp capacity across Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka and Telangana. The renewable energy platform was founded in 2015 by solar entrepreneurs Tanya Singhal, Anil Nayar, and James Abraham, with investments from global infrastructure equity funds such as Core Infrastructure India Fund Pte Ltd. (CIIF) and Global Energy Efficiency and Renewable Energy Fund (GEEREF).

''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,'' Tanya Singhal said in the statement.

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