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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.