Mumbai: Edelweiss Infrastructure Yield Plus (EIYP), a fund managed by Edelweiss Different Asset Advisors Ltd (EAAA) on Thursday mentioned that it has concluded the acquisition of a controlling stake in French utility main Engie Group’s photo voltaic vitality property in India.
“This partnership between EIYP and Engie is geared toward making a high-quality photo voltaic platform of considerable scale with a plan so as to add 2 GW photo voltaic property in India over the following couple of years. These property might be developed by Engie and purchased by EIYP put up commissioning as per agreed phrases,” an announcement mentioned.
EIYP together with its investee firm Sekura Vitality Restricted (Sekura Vitality), have accomplished the primary stage in direction of acquisition of 74% stake within the photo voltaic portfolio of the Engie Group in India with 813 MW of working capability.
Moreover, the partnership gives EIYP entry to a 2 GW pipeline of high quality property that might be developed and constructed by Engie in accordance with agreed phrases.
“Buying working infrastructure property helps builders to unlock capital and de-lever, enabling them to tackle newer and bigger alternatives. As India, transitions to wash vitality, this mannequin would be the core to the nation’s formidable renewable capability enlargement program”, mentioned Hemant Daga, CEO, Edelweiss Asset Administration.
This funding is in step with EIYP’s technique to generate common yield and create worth for its traders by taking controlling stake in high quality working infrastructure property with sturdy money flows, the agency mentioned.
“This partnership accelerates our technique to turn out to be a number one Infrastructure asset proprietor and investor. We’re excited to affix fingers with Engie whose governance requirements and values are carefully aligned to our personal. That is in step with our philosophy to assist Infrastructure growth in India in collaboration with top quality companions. Leveraging our mixed energy and capabilities, we look ahead to contributing to India’s formidable photo voltaic vitality plans,” mentioned Subahoo Chordia, Head of Infra Fund Enterprise, at EAAA.