Actis, a global sustainable infrastructure investor, has acquired a 100% equity interest in Stride Climate Investments (Stride), an Indian solar generation asset portfolio. The deal grants Actis ownership of Stride’s 371MW portfolio of 21 solar projects located in seven states, primarily in Gujarat.

Expanding Solar Footprint in India

The Stride portfolio has operated for nearly a decade and is based on long-term, pay-as-you-go Power Purchase Agreements (PPAs). A range of off-takers, from central and state governments to private sector entities, underpin the agreements. The distributed asset base of the portfolio contributes to its stability and appeal, complementing India’s increasing appetite for renewable energy.

Actis Fortifies Footing in India’s Renewable Energy Market

Actis, a leader in international energy investments, boasts a robust Asian track record, having invested in excess of $7.1 billion in various strategies. The company has developed or operated over 8GW of capacity in the region, with more than 5.5GW from renewables. The acquisition of Stride will further cement Actis’ role as a leader in the Indian renewable energy market.

With Stride added, Actis has three energy generation platforms in India, alongside BluPine Energy and Athena Renewables. This strategic expansion is part of Actis’ broader plan to invest in sustainable infrastructure that supports global energy transitions.

Also read: ADB invests $50 million in Actis Fund to accelerate clean energy transition in Asia and the Pacific 

Strategic Investment in India’s Growing Renewable Market

Adrian Mucalov, Partner and Head of Long Life Infrastructure at Actis, said, “The acquisition of Stride aligns nicely with Actis’ long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation and low existing leverage. We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.”

India can achieve its ambitious renewable energy goals, with the government committed to 50% renewable electricity by 2030. This rapid transformation offers plenty of investment opportunities for like-minded players in Actis’ league, who are well placed to meet India’s clean energy requirements.

Scatec ASA, a renewable energy solutions provider signed a 25-year Power Purchase Agreement (PPA) with Tunisian state utility Société Tunisienne de l’Electricité et du Gaz (STEG) for the construction of the 120 MW Sidi Bouzid II solar power plant in Tunisia.

Partnership with Aeolus SAS

Apart from the PPA, Scatec also signed a Joint Development Agreement with Aeolus SAS, which is a Toyota Tsusho Group company. The partnership will facilitate the development of the 60 MW Sidi Bouzid II solar project, the sequel to under-development 60 MW Sidi Bouzid I and 60 MW Tozeur solar projects.

The two firms will jointly own the Sidi Bouzid II project with each having a 50% stake. The deal also finalizes the partnership of Scatec and Aeolus in Tunisia’s renewable energy market.

Project Investment and Financing Details

Sidi Bouzid II solar project will have a total capex of €87 million. Scatec will implement the project’s engineering, procurement, and construction (EPC) covering about 85% of the total capex. Scatec is negotiating project debt financing and will disclose the ultimate structure once the financial close in 2025 is completed.

Enabling Tunisia’s Renewable Energy Aspirations

This transaction is an important step towards Tunisia’s transition to renewable energy. Tunisia aims to reach 30% of renewable energy by 2030 to cut emissions and costs and ensure energy security. Tunisia depends on gas for 97% of electricity, half of which is imported from other countries.

Terje Pilskog, CEO of Scatec, said,”This agreement marks a significant milestone for Scatec in Tunisia, reinforcing our collaboration with Aeolus and our commitment to driving the renewable energy transition in the region. Tunisia depends significantly on gas imports, making projects like this essential for diversifying the energy mix and achieving the country’s ambitious renewable energy goals.”

Also read: TotalEnergies strengthens clean energy strategy with acquisition of SN Power and African hydropower projects

Tunisia’s Emergence as a Developing Renewable Energy Market

As Tunisia moves to capitalize on renewable energy, the government will put up additional tenders for wind and solar in the next few years. Scatec, with its proven reputation and partnership with Aeolus, is likely to spearhead future renewable energy projects in Tunisia.