Actis Acquires Stride's 371MW Renewable Portfolio in India
India has emerged as a rapidly growing green energy investment market globally.
Actis has built or operated more than 8GW of installed capacity in Asia.
Actis, the leading global energy investor, has acquired a 100% stake in Stride Climate Investments ("Stride"), a portfolio of renewable assets in India.
With this acquisition, Actis now has full ownership of Stride's operations, expanding its renewable energy footprint in India and reinforcing its commitment to clean energy investments.
Spread across 21 projects in seven states, Stride's portfolio comprises 371MW (414MWp) of operating solar PV assets, most of which are located in Gujarat state. Its portfolio has been operational for over a decade and has long-term power purchase agreements (PPAs) with central and state governments and private sector entities.
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Abhishek Bansal, Partner, Energy Infrastructure at Actis, commented: “Actis has a long experience of successful investment in the Indian renewable energy sector, exemplified by Ostro Energy and Sprng Energy previously as well as by our current renewables platforms.
"The Indian economy is continuing to grow rapidly and its energy transition is accelerating apace, with the government aiming to secure 50 percent of the country’s electricity from renewables by 2030. This environment is therefore creating ample opportunities, especially for an investor such as Actis with expertise in driving efficiency and creating value in this market.”
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Actis has invested over $7.1 billion in the energy sector in Asia with more than 8GW of energy capacity, which includes 5.5GW of renewable energy. Stride has become Actis' third energy generation platform in India with the first and second being BluPine Energy and Athena Renewables.
Adrian Mucalov, Partner, Head of Long Life Infrastructure at Actis, said: “The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation and low existing leverage. We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.”
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Source: Actis
