Edelweiss Infrastructure Acquires 74% Stake in Engie’s Solar Portfolio in India

The stake acquisition is one of the largest in renewables in the last year


In one of the largest transactions in the renewables space in the last year, Edelweiss Infrastructure Yield Plus (EIYP), an alternative investment fund managed by Edelweiss Alternative Asset Advisors Limited (EAAA), along with its investee company Sekura Energy, has acquired 74% stake in the solar portfolio of Engie in India.

These assets will be developed by Engie and acquired by EIYP post-commissioning. Engie has 813 MW of operating capacity in the country.

The deal will give Edelweiss Infrastructure Yield Plus access to 2 GW of solar assets that Engie is developing.

In January last year, Engie had announced that it was selling a 74% stake in its solar assets in India to EIYP. The French power distribution company had said it would sell 12 solar assets with a total operating capacity of 813 MW (DC) to EIYP and Sekura Energy, a portfolio company of EIYP.

Subahoo Chorida, Head of Infra Fund Business, Edelweiss Alternative Asset Advisors, 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.”

With over ₹305 billion (~$4.18 billion) of assets under management, EAAA focuses on providing long-term growth capital to companies. EIYP is the largest alternative investment fund in India and is the only platform owning and operating assets in the infrastructure, solar, and highways sectors.

“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 of the country’s ambitious renewable capacity expansion program,” said Hemant Daga, CEO of Edelweiss Asset Management.

Previously, Mercom reported that Engie had acquired a 90% stake in Simpa Energy from its parent company Simpa Networks, a distributed energy solutions provider with a pay-as-you-go pricing model to households and businesses.

Mercom’s flagship event Mercom India Solar Summit, to be held virtually on April 8 and 9, has an exclusive session to discuss “Project M&A-Quality Solar Assets Are in High Demand.” In this session, developers and investors will address how solar projects can be made more attractive and easier to acquire. You can click here to register for the event.