Shapoorji Pallonji Infra completes sale of solar power assets to Actis

Shapoorji Pallonji Infrastructure Capital Sunday said it has completed sale of 194 MW of operating solar portfolio to Sprng Energy, renewable energy arm of investment firm Actis. The transaction closed last week with all customary approvals in place, the company said in a statement.

"A year ago, we decided to divest a part of our operating portfolio in order to redeploy capital for the development of new solar projects. We continue to see large opportunities for the growth of the renewable sector in our country, and the sale to a discerning infrastructure investor highlights our commitment towards development and operation of high-quality renewable energy projects in India," Shapoorji Pallonji Infrastructure MD and CEO Mukundan Srinivasan said.

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The acquisition of this portfolio is in line with Actis' commitment of building over 2 GW of renewable power projects in India.