Sprng Energy, an India-focused renewable energy arm of London-based investor Actis, has acquired a 194MW operational solar portfolio from Mumbai headquartered conglomerate Shapoorji Pallonji Infrastructure Capital (SP Infra) in order to grow its India PV portfolio.
“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,” said Mukundan Srinivasan, MD and CEO of SP Infra.
“The acquisition of this portfolio is in line with Actis’ commitment of building [more than] 2GW of renewable power projects in India. With this acquisition, the total operating and under construction capacity of Sprng Energy, our 100% owned renewable platform, will increase to c. 1,650MW 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, which has a total equity commitment of US$475 million from Actis to build and operate more than 2GW of utility-scale wind and solar projects in India, now has around 450MW of operating capacity in India. It is also currently developing 1,450MW of wind and solar projects for which long-term power purchase agreements (PPAs) have been entered into with government agencies and state distribution companies.
Actis had already created an Indian renewables platform named Ostro Energy, which it sold to ReNew Power.