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Shapoorji Pallonji Infra and Actis finalise strategic transaction of solar power assets

Shapoorji Pallonji Infrastructure Capital, Sprng Energy, Actis, Solar power, Mukundan Srinivasan, Sanjiv Aggarwal, Gaurav Sood

Shapoorji Pallonji Infrastructure Capital (SP Infra) has sold 194 MW of operating solar portfolio to Sprng Energy, a renewable energy platform in India by Actis. The transaction closed last week with all customary approvals in place.
“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, adding that Actis has a strong track record of managing and growing utility‐scale infrastructure businesses globally.

“The acquisition of this portfolio is in line with Actis’ commitment of building 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. 1,650 MW 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.

“We are excited to add these assets to Sprng. Addition of these assets has increased our operating capacity to c.450MW and our focus now is to integrate these assets smoothly with our overall portfolio” said Gaurav Sood, CEO, Sprng Energy.

The strategic acquisition by Actis, to develop and grow its Indian renewable energy portfolio represents a major transaction in the Indian renewable energy sector.

Credit Suisse acted as exclusive financial advisors and Khaitan & Co were the legal advisors to SP Infra for this transaction. Standard Chartered Bank acted as exclusive financial advisors and Trilegal acted as legal advisors to Actis.

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