SolarArise, a Delhi-based solar developer has completed the first phase of its acquisition by Thomas Lloyd Energy Impact Trust, a London stock exchange listed investment fund. SolarArise has eight solar power projects that are spanned across Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka, and Telangana with a total capacity of 400 MW. SolarArise’s operating revenues are generated through long-term, fixed-price power purchase agreements.
In June 2022, Thomas Lloyd Impact Trust paid $38.5 million in cash for the remaining 57 per cent stake in SolarArise’s projects in India. The initial 43 per cent stake in SolarArise acquired in 2018 was part of the seed assets outlined in the initial purchase offering. The Thomas Lloyd Energy Impact Trust is a renewable energy investment trust that provides direct access to Asian fast-growing economies’ sustainable energy infrastructure.
Recently in January 2023, Loom Solar, a solar technology startup based in Haryana, raised $2 million in funding from the US-based asset manager Social Investment Managers and Advisors (SIMA Funds) to support its growth strategy for solar energy solutions.