New Delhi: Actis, a global investor in sustainable infrastructure, has acquired a 100% stake in Stride Climate Investments, a solar generation asset portfolio in India, from a fund managed by Macquarie Asset Management.
The deal sees Actis take charge of Stride’s 371 MW portfolio of operating solar power assets spread across 21 projects in seven states, the majority of which are in Gujarat. The Stride portfolio features long-term pay-as-produced power purchase agreements with a diversified pool of off-takers, including the central and state governments as well as the private sector, and a distributed asset base, said a statement from Actis.
Green investments gather pace
Green energy investments in India have gained momentum in the past few years, with the government aiming to achieve 500 GW of installed non-fossil-fuel capacity by 2030. According to government estimates, a total investment of about ₹42 trillion is needed to achieve this ambitious target.
On 28 January 2025, Mint reported that General Atlantic-owned Actis LLP has signed a sales and purchase agreement (SPA) to buy Macquarie Group Ltd’s green energy platform Stride Climate Investments at an enterprise value of around $325 million. The statement on Monday, however, did not mention the transaction value.
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Actis has deployed more than $7.1 billion to date in Asia, across different strategies. A leading energy investor, it has built or operated more than 8GW of installed capacity in the region, including more than 5.5GW of renewables.
Adrian Mucalov, partner and head of long life infrastructure at Actis, said, “The acquisition of Stride aligns nicely with Actis’s 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 while also being in a dynamic, rapidly growing market.”
‘Ample opportunities to create value’
Citing investments of Actis in renewable entities in India, 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 and by our current renewables platforms. The Indian economy continues to grow rapidly and its energy transition is accelerating apace, with the government aiming to secure 50% of the country’s electricity from renewables by 2030.”
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He said growth momentum in India’s energy-transition space presents ample opportunities to create value in the market.
According to its website, Actis invests in “structural themes that aim to support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalisation transition, and supply chain transformation”. Macquarie Group, one of the largest foreign infrastructure investors in India, has been investing in the country’s infrastructure since 2008 and has deployed $2.5 billion of equity capital in energy transition, infrastructure and digital communications.
