New Delhi: Edelweiss Infrastructure Yield Plus (EIYP), an alternative investment fund by Edelweiss Alternative Asset Advisors, on Thursday said it has acquired 74 per cent stake in French energy major, Engie Group’s, solar portfolio in India.It added that this would provide EIYP access to a 2 gigawatt (GW) pipeline of quality assets that will be developed and constructed by Engie over the next couple of years.
It further said that this was one of the largest transactions in renewables in the past one year, despite COVID-19.
According to the company press release, this investment was in line with EIYP’s strategy to generate regular yield and create value for its investors by taking controlling stake in quality operating infrastructure assets with strong cash flows.
“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 to the country’s ambitious renewable capacity expansion program,” said Hemant Daga, CEO, Edelweiss Asset Management.
Engie’s solar assets portfolio in India has a total capacity of 813 MW.