Actis, a leading global investor in sustainable infrastructure, has acquired a 100% stake in Stride Climate Investments (“Stride”), 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 (414 MWp) portfolio of operating solar PV assets spread across 21 projects in 7 states, the majority of which are concentrated in the state of Gujarat. The Stride portfolio, which has close to a decade of demonstrated track record, features long-term pay-as-produce power purchase agreements with a diversified pool of off-takers, from central and state governments as well as the private sector, and a distributed asset base.
Actis has deployed more than US$7.1 billion in Asia since inception across different strategies and, as a leading energy investor, has built or operated more than 8 GW of installed capacity in the region, including more than 5.5 GW of renewables.
With this acquisition, Stride joins BluPine Energy and Athena Renewables to become Actis’ third current energy generation platform in India.
Adrian Mucalov, Partner and Head of Long Life Infrastructure at Actis, stated that acquiring Stride aligns with Actis’ long-term infrastructure strategy. He highlighted Stride’s 10-year track record, strong cash generation, and low leverage, noting its potential to deliver solid returns in a fast-growing market.
Abhishek Bansal, Partner for Energy Infrastructure at Actis, noted the firm’s strong track record in India’s renewable sector through investments like Ostro Energy and Sprng Energy. He highlighted India’s rapid economic growth and accelerating energy transition, with a goal of sourcing 50% of its electricity from renewables by 2030, creating significant opportunities for Actis to drive efficiency and value.
