ThomasLloyd acquires significant stake in SolarArise India Projects Pvt Ltd
SolarArise currently owns and operates 130 MW of grid-connected solar power projects in India. ThomasLloyd’s investment is expected to support the Company’s expansion of its solar energy capacity by approximately 250 MW. These projects will be a combination of government and state sector projects as well as selected private sector projects, benefiting from long-term power purchase agreements.
ThomasLloyd will join the existing founding shareholders, the European Initiative on Clean, Renewable Energy, Energy Efficiency and Climate Change related to Development SICAV SIF in relation to Global Energy Efficiency and Renewable Energy Fund (“GEEREF”), advised by the European Investment Bank Group, and Kotak Mahindra managed Core Infrastructure India Fund (“CIIF”), along with the founding management team. Following the investment, ThomasLloyd will become the largest shareholder in the Company.