Actis buys Stride's solar portfolio in India at $325 mn enterprise value

Investment firm Actis has acquired a 100 per cent stake in Gujarat-based Stride Climate Investments, a solar power portfolio in India, from Macquarie Asset Management, the company said.

 

The enterprise value of the deal is about $325 million, according to people familiar with the matter.

 

The deal’s equity value is around $163 million, they said.

 

Stride’s portfolio comprises 371 megawatts (414MWp) of operational solar projects across 21 sites in seven states, with a significant concentration in Gujarat. The assets have long-term power purchase agreements with both the central and state governments and private buyers, according to the statement.

 

“The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation and low existing leverage,” said Adrian Mucalov, Partner, Head of Long Life Infrastructure, Actis.

 

The acquisition adds to Actis’ growing renewables footprint in India, where it already operates BluPine Energy and Athena Renewables. The firm has invested over $7.1 billion in Asia across infrastructure and energy, with more than 8GW of installed capacity, including 5.5GW of renewables.

 

India’s rapid economic growth and push to source 50 per cent of its electricity from renewables by 2030 continue to attract major global investors to the sector.

 

“This environment is creating ample opportunities, especially for an investor such as Actis,” said Abhishek Bansal, Partner, Energy Infrastructure, Actis.

 

Actis, which is owned by General Atlantic, focuses on investments in sustainable infrastructure across themes such as defensive, critical infrastructure across energy transition, digitalisation transition, and supply chain transformation.