Shapoorji Pallonji Infrastructure Capital (SP Infra) today announced it has sold 194 Megawatt of operating solar power portfolio to Sprng Energy, a renewable energy platform by private equity firm Actis.

The transaction closed last week with all customary approvals in place, the company said in a statement without sharing the size of the deal value. S P Infra had last year decided to divest a part of its operating portfolio in order to redeploy capital for the development of new solar projects. Commenting on the acquisition, Sanjiv Aggarwal, Partner-Energy Asia at Actis, said the acquisition of the portfolio is in line with the company's commitment of building over 2 Gigawatt of renewable power projects in India. “With this acquisition, the total operating and under construction capacity of Sprng Energy, our 100 per cent-owned renewable platform, will increase to 1,650 Mw and we continue to look for opportunities to grow this portfolio further through both M&A and new bids,” he said.
Credit Suisse acted as financial advisor and Khaitan & Co were the legal advisors to SP Infra for this transaction. Standard Chartered Bank acted as exclusive financial advisors and Trilegal acted as legal advisors to Actis.

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