Actis' Sprng Energy buys 194-MW Indian solar portfolio

Solar panels. Source: EBRD (www.ebrd.com).

April 1 (Renewables Now) - Private equity firm Actis’ renewables platform Sprng Energy has acquired 194 MW of operating solar plants in India from Shapoorji Pallonji Infrastructure Capital (SP Infra), part of industrial conglomerate Shapoorji Pallonji Group.

The purchase increases Sprng Energy’s portfolio to 1,650 MW of assets in operation or under construction. The goal of Actis’ platform is to build more than 2 GW of renewable power plants in India. Sanjiv Aggarwal, Partner-Energy Asia at Actis, stated that the firm continues to seek opportunities to grow the portfolio.

The value of the transaction was not disclosed.

Standard Chartered Bank served as the exclusive financial advisor to Actis, while Trilegal acted as its legal advisors. At the same time, Credit Suisse and Khaitan & Co were the respective financial and legal advisors to SP Infra.

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