LSE-listed Trust Fund Acquires SolarArise

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TLEI submitted the proposal to acquire SolarArise last year in March.

Renewable energy company SolarArise announced the completion of the acquisition of its investors’ shares by ThomasLloyd Energy Impact Trust (TLEI), an investment trust listed on the London Stock Exchange (LSE).  With this closing, SolarArise is now an Indian utility-scale solar company with its assets listed as a part of trust on the LSE.

TLEI submitted a proposal to purchase a 43% stake in SolarArise last year in March. The deal was reportedly worth $34.6 million (₹265 crores approximately) which valued Solar Arise at approximately ₹620 crores, at that time.

The New Delhi-based renewable energy platform 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 (PPAs).

The company was founded in 2015 by Tanya Singhal, Anil Nayar, and James Abraham with investments from global infrastructure equity funds including Core Infrastructure India Fund Pvt 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).

Speaking on the occasion, Singhal outlined the company’s goals 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 and AI that will help us all move towards an emission-free lifestyle,” she added.

TLEI is a closed-ended investment company that invests directly, through equity and equity-like instruments, in a diversified portfolio of unlisted sustainable energy infrastructure assets in the areas of renewable energy power generation, transmission infrastructure, energy storage, and sustainable fuel production (Sustainable Energy Infrastructure Assets) in Asia.



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