Edelweiss Infrastructure Yield Plus, managed by Edelweiss Alternative Asset Advisors, has concluded the acquisition of a controlling stake in the Indian solar energy assets of French utility Engie.
The partnership between Edelweiss Infrastructure Yield Plus and Engie is aimed at creating a solar platform with a plan to add two gigawatt (GW) assets in India over the next couple of years.
These assets will be developed by Engie and acquired by Edelweiss Infrastructure Yield Plus.
Along with investee company Sekura Energy, Edelweiss Infrastructure Yield Plus has taken the first step towards acquisition of 74% stake in the solar portfolio of Engie that has 813 megawatts-peak (MWp) of operating capacity.
Sekura Energy is the energy sector-focused platform of Edelweiss Infrastructure Yield Plus, with a focus on investing, acquiring and operating assets in the energy sector.
“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 to the country’s ambitious renewable capacity expansion programme,” said Hemant Daga, chief executive of Edelweiss Asset Management.
Subahoo Chordia, head of infrastructure fund business, Edelweiss Alternative Asset Advisors, said, “This partnership accelerates our strategy to become a leading infrastructure asset owner and investor.”
Edelweiss Alternative Asset Advisors focuses on providing long-term growth capital to companies and projects. Edelweiss Infrastructure Yield Plus invests across transmission, solar energy and highways. It has capital commitments from both domestic and global investors.