Edelweiss Infrastructure Yield Plus (EIYP), an alternative investment fund (AIF) managed by Edelweiss Alternative Asset Advisors Limited (EAAA), announced Thursday that it has acquired Indian solar power assets from French utility Engie.
EIYP has signed a strategic partnership with Engie, which has nearly 2 GW of solar assets in the country. Engie will develop the assets, which EIYP will acquire after commissioning in accordance with the agreed terms. The deal is valued at around $ 500 million. The companies did not disclose a figure.
EIYP and its invested company Sekura Energy Limited (Sekura Energy) have completed the first step towards acquiring 74 through participation in the solar portfolio of the Engie group, which has 813 MW of operational capacity in India. The partnership allows EIYP to access a 2 GW pipeline of quality assets that will be developed and built by Engie.
With assets under management (AUM) of over Rs 30,500 crore, EAAA focuses on providing long-term growth capital to businesses and projects and EIYP is the largest yield-driven infrastructure hedge fund in India. and the only platform to own and operate assets in the three major infrastructure sectors – transportation, solar power and highways, the company said in a statement.
“Acquiring operating infrastructure assets helps developers unlock capital and deleverage, allowing them to seize newer and greater opportunities. As India shifts to clean energy, this model will be at the heart of the country’s ambitious renewable capacity expansion program, ”said Hemant Daga, CEO of Edelweiss Asset Management.
Edelweiss Asset Management (EAM) is a branch of Edelweiss Group, which has one of the largest alternative platforms (EAAA) in the country. It manages client assets worth Rs 79,500 crore.
Edelweiss Infrastructure Yield Plus (EIYP) is a Category I AIF registered by SEBI, which focuses on investments in infrastructure sectors such as power transmission, renewable energy, roads and highways, among others . Sekura Energy Limited is EIYP’s platform focused on the energy sector with a focus on investing, acquiring and operating assets in the Indian energy sector.