UK-based global investor ThomasLloyd has announced it has received approval from the Indian government to acquire a 43% stake in Delhi-based SolarArise India Projects for $34.6 million.
SolarArise India Projects, an investee company of ThomasLloyd, owns seven solar power projects with a cumulative capacity of 434MW in India.
ThomasLloyd expects the acquisition to complete in the second quarter of 2022. “Consideration of $34.6 million for the acquisition will be settled via the issuance of ordinary shares in the company,” stated the company.
SolarArise was founded in 2014 by James Abraham, Anil Nayar and Tanya Singhal. Other shareholders besides ThomasLloyd are the Global Efficiency and Renewable Energy Fund (GEEREF), advised by the European Investment Bank Group, the Core Infrastructure India Fund (CIIF), managed by Kotak Mahindra Bank, and the founding team.
ThomasLloyd has entered into a conditional Heads of Terms Agreement to increase its investment in SolarArise by purchasing further shares from the other existing shareholders.
“The company remains on target to deliver an annual dividend of 2-3% per share on the basis of the initial offer price of $1 per share for the year ending 31 December 2022. The Board and Investment Manager continues to carefully assess a strong pipeline of diverse opportunities for further deployment of the initial proceeds,” it said.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.