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Edelweiss Infrastructure Yield Plus (EIYP), an AIF managed by Edelweiss Alternative Asset Advisors Limited (EAAA), has acquired a controlling stake in solar energy assets of French utility firm Engie Group in India.
This partnership between the two companies is aimed at creating a solar platform with a plan to add 2 GW solar assets in India over the next couple of years. These assets will be developed by Engie and acquired by EIYP post-commissioning, as per agreed terms.
EIYP, along with its investee company Sekura Energy Limited (Sekura Energy), has completed the first stage towards acquisition of 74 per cent stake in the solar portfolio of the Engie Group in India with 813 MWp of operating capacity. Additionally, the partnership provides EIYP access to a 2 GW pipeline of quality assets that will be developed and constructed by Engie in accordance with agreed terms.
“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 program”, said Hemant Daga, CEO, Edelweiss Asset Management.
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