Actis acquires solar portfolio in India from Macquarie

Actis, a global investor focused on sustainable infrastructure, has acquired Stride Climate Investments from Macquarie Group. This deal gives Actis full control over Stride’s solar power portfolio, which has a capacity of 371 megawatts (MW) across 21 projects in seven states, mostly in Gujarat. The Stride portfolio includes long-term agreements to sell power to a variety of customers, such as government agencies and private companies. This acquisition is part of a larger trend of increasing investment in green energy in India. The government aims to reach 500 gigawatts (GW) of non-fossil-fuel capacity by 2030 and estimates that achieving this goal will require around ₹42 trillion in funding. The acquisition was made for an enterprise value of approximately $325 million, although the official announcement did not specify the exact transaction value. Actis has previously invested over $7.1 billion in Asia, building a significant amount of renewable energy infrastructure. Adrian Mucalov from Actis highlighted that Stride has a ten-year history of operations and generates strong cash flow with low debt. This aligns well with Actis’s investment strategy. Abhishek Bansal, another partner at Actis, noted that India's rapid economic growth and energy transition provide many opportunities for value creation in renewable energy. Macquarie Group, a major infrastructure investor in India, has been active in the region since 2008, investing $2.5 billion in energy transition and infrastructure projects.