The partnership provides EIYP access to a 2 GW pipeline of quality assets that will be developed and constructed by Engie in accordance with agreed terms
Mumbai: Edelweiss Infrastructure Yield Plus (EIYP), a fund managed by Edelweiss Alternative Asset Advisors Ltd (EAAA) on Thursday said that it has concluded the acquisition of a controlling stake in French utility major Engie Group's solar energy assets in India.
"This partnership between EIYP and Engie is aimed at creating a high-quality solar platform of substantial scale with a plan to add 2 GW solar assets in India over the next couple of years. These assets will be developed by Engie and acquired by EIYP post commissioning as per agreed terms," a statement said.
EIYP along with its investee company Sekura Energy Limited (Sekura Energy), have completed the first stage towards acquisition of 74% stake in the solar portfolio of the Engie Group in India with 813 MW of operating capacity.
Additionally, the partnership provides EIYP access to a 2 GW pipeline of quality assets that will be developed and constructed by Engie in accordance with agreed terms.
“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.
This investment is in line with EIYP’s strategy to generate regular yield and create value for its investors by taking controlling stake in quality operating infrastructure assets with strong cash flows, the firm said.
“This partnership accelerates our strategy to become a leading Infrastructure asset owner and investor. We are excited to join hands with Engie whose governance standards and values are closely aligned to our own. This is in line with our philosophy to help Infrastructure development in India in collaboration with high quality partners. Leveraging our combined strength and capabilities, we look forward to contributing to India’s ambitious solar energy plans," said Subahoo Chordia, Head of Infra Fund Business, at EAAA.