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Actis buys Stride’s solar assets from Macquarie
The deal sees Actis take charge of Stride’s 371MW portfolio of operating solar power assets spread across 21 projects in seven states, the majority of which are in Gujarat
Global sustainable infrastructure investor Actis has acquired Stride Climate Investments, a solar generation asset portfolio in India, from a fund managed by Australian multinational fund Macquarie Asset Management, a statement from Actis said.
The deal sees Actis, formerly a spinout of CDC Group plc (now British International Investment or BII), take charge of Stride’s 371 megawatt (MW) portfolio of operating solar power assets spread across 21 projects in seven states, the majority of which are in Gujarat.
The portfolio features long-term pay-as-produced power purchase deals with a diversified pool of off-takers, including the Center and state governments as well as the private sector, and a distributed asset base, the statement said.
Adrian Mucalov, partner and 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 in a dynamic, rapidly growing market.”
Abhishek Bansal, partner, energy infrastructure at Actis, said, “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 with the government aiming to secure 50% of the country’s electricity from renewables by 2030.”
Following this acquisition, Stride becomes India’s third active energy generation platform, apart from BluPine Energy and Athena Renewables.
Actis focuses on sustainable infrastructure, particularly energy, infrastructure, and real estate asset classes.
Since its inception, it has built or operated over 8,000MW of installed capacity in Asia, including over 5,500MW of renewable energy projects. It has deployed more than $7.1 billion in Asia alone.
The global investment firm’s previous renewable energy investments in India include Ostro Energy and Sprng Energy.
Australian Macquarie Group had acquired Stride Climate Investments in October 2020 as part of its strategy to expand its green energy portfolio in India.
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