Cyril Amarchand Mangaldas has represented Asian Energy Impact Trust (formerly known as ThomasLloyd Energy Impact Trust plc, previously listed on London Stock Exchange), acting through the joint liquidators, on its INR 1,400 crore sale of 100 percent shareholding in SolarArise India Projects (“SolarArise”) and its subsidiaries to Neo Infra Income Opportunities Fund, which was advised by AZB & Partners. Emerald Law Offices acted as Indian counsel to SolarArise.
This acquisition marks NIIOF’s entry into the renewable energy sector, adding a 433.5 MWp portfolio of operational solar assets spread across five Indian states: Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, and Telangana.
NIIOF is a registered scheme under Neo Credit Alternatives Investment Trust i.e., a Category II Alternative Investment Fund registered with the Securities and Exchange Board of India.
The deal underscores growing institutional investor interest in India’s renewable energy sector, particularly in utility-scale solar projects. It highlights the increasing flow of capital toward clean energy infrastructure from alternative investment funds and infrastructure investors. This transaction contributes to strengthening India’s renewable energy capacity, facilitating the nation’s climate change and energy security objectives by mobilizing private capital into sustainable infrastructure projects.
The CAM transaction team was led by partner Ramanuj Kumar, with support from partner Aiswarja Mohanty, and associates Rohil Kenue and Rashika Bhardwaj. Partner Sreetama Sen, with support from principal associate Nooreen Haider, and associates Soumya Gupta and Himanshu Chandel, advised on general corporate aspects of the transaction.Partner and tax head SR Patnaik and principal associate Thangadurai V.P advised on taxation aspects of the transaction.
AZB’s team comprised senior partners Ashwath Rau and Atreya Bhattacharya, and senior associate Vyjayanthi Raghu.
Emerald Law’s transaction team comprised senior partner Madhavan Srivatsan, senior associate Shreya Kharbanda and associate Maitree Tyagi.
”It’s been a privilege to support SolarArise from its early days, advising on key aspects of its growth and operations, including project development and PPAs across its subsidiaries. Seeing that journey culminate in a successful exit is especially rewarding, said Srivatsan.
