Edelweiss Infra Yield Plus acquires Indian solar assets of France's Engie

Engie has close to 2GW of solar assets in India; Edelweiss Group has one of the country's largest Alternatives Platform.

Edelweiss Infrastructure Yield Plus (EIYP), an alternate investment fund (AIF) managed by Edelweiss Alternative Asset Advisors Limited (EAAA), said on Thursday it has acquired the Indian solar energy assets of French utility Engie.

EIYP signed a strategic partnership with Engie, which has close to 2GW of solar assets in the country. Engie will develop the assets, which EIYP will acquire post commissioning as per agreed terms. The deal is estimated to be around $500 million. The companies did not divulge a figure.

EIYP and its investee company Sekura Energy Limited (Sekura Energy) completed the first stage towards acquisition of 74 per stake in the solar portfolio of the Engie Group, which has 813 MW of operating capacity in India. The partnership provides EIYP access to a 2 GW pipeline of quality assets that will be developed and constructed by Engie.

With assets under management (AUM) of over Rs 30,500 crores, EAAA focuses on providing long term growth capital to companies and projects and EIYP is the largest yield focused infrastructure AIF in India and the only platform owning and operating assets in all three large infrastructure sectors - transmission, solar energy and highways, the company said in a statement. 

“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.

Edelweiss Asset Management (EAM) is an arm of Edelweiss Group, which has one of the country’s largest Alternatives Platform (EAAA). It manages customer assets worth Rs 79,500 crore. 

Edelweiss Infrastructure Yield Plus (EIYP) is a SEBI-registered Category I AIF, focusing on investing in infrastructure sectors such as power transmission, renewable power, roads and highways among others. Sekura Energy Limited is the energy sector focused platform of EIYP with a focus on investing, acquiring and operating assets in the Indian energy sector.