Shapoorji Pallonji Infrastructure Capital (SP Infra) has announced that it has sold 194 MW of operating solar portfolio to Sprng Energy, a renewable energy arm of London-based private equity firm Actis. As of now there is no word on the size of the deal size.
Sprng is Actis’ second India renewable focused platform after successfully building and exiting Ostro Energy.
Mukundan Srinivasan, MD and CEO of SP Infra in a statement said “A year ago, we decided to divest a part of our operating portfolio in order to redeploy capital for the development of new solar projects. We continue to see large opportunities for the growth of the renewable sector in our country, and the sale to a discerning infrastructure investor highlights our commitment towards development and operation of high quality renewable energy projects in India.”
“The acquisition of this portfolio is in line with Actis’ commitment of building 2GW+ 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” said Sanjiv Aggarwal, Partner Energy Asia, Actis.
Sprng has a total equity commitment of $475 million from Actis to build and operate more than 2GW of wind and solar projects in India.
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