S P Infra had last year decided to divest a part of its operating portfolio in order to redeploy capital for the development of new solar projects
New Delhi: Shapoorji Pallonji Infrastructure Capital (SP Infra) today announced it has sold 194 Megawatt of operating solar power portfolio to Sprng Energy, a renewable energy platform by private equity firm Actis.
The transaction closed last week with all customary approvals in place, the company said in a statement without sharing the size of the deal value. S P Infra had last year decided to divest a part of its operating portfolio in order to redeploy capital for the development of new solar projects.
“We continue to see large opportunities for the growth of renewable sector and the sale to a discerning infrastructure investor highlights our commitment towards development and operation of high quality renewable energy projects in India,” said Mukundan Srinivasan, MD and CEO of SP Infra. He added that Actis has a strong track record of managing and growing utility‐scale infrastructure businesses globally.
Commenting on the acquisition, Sanjiv Aggarwal, Partner-Energy Asia at Actis, said the acquisition of the portfolio is in line with the company’s commitment of building over 2 Gigawatt of renewable power projects in India. “With this acquisition, the total operating and under construction capacity of Sprng Energy, our 100 per cent-owned renewable platform, will increase to 1,650 Mw and we continue to look for opportunities to grow this portfolio further through both M&A and new bids,” he said.
The addition of S P Infra’s assets has increased Actis’ operating capacity to 450 Mw. The strategic acquisition by Actis to develop and grow its Indian renewable energy portfolio represents a major transaction in the Indian renewable energy sector, the company said.
Credit Suisse acted as financial advisor and Khaitan & Co were the legal advisors to SP Infra for this transaction. Standard Chartered Bank acted as exclusive financial advisors and Trilegal acted as legal advisors to Actis.
Mumbai-based S P Infra is part of Shapoorji Pallonji and Company. It is present in the power, roads and ports sectors. Actis is an investor in markets across Africa, Asia and Latin America in private equity, energy, infrastructure and real estate space. Founded in 2004 and headquartered in London, it has raised $15 billion since inception and employs over 200 people.
Sprng Energy is Actis’ investment from its Actis Energy 4 fund which has a total AUM of $2.75 billion with a focus to invest in Latin American, African and Asian countries in electricity generation and distribution businesses.
Source: energy.economictimes.indiatimes
