Actis buys 100% stake in Stride

TAKING CHARGE ACTIS LLP signed a SPA to buy Stride at an enterprise value of around $325 mn, Mint reported ACTIS has deployed more than $7.1 billion to date in Asia, across different strategies

- Rituraj Baruah

Actis, a global investor in sustainable infrastructure, has acquired a 100% stake in Stride Climate Investments, 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 portfolio of operating solar power assets spread across 21 projects in seven states, the majority of which are in Gujarat. The Stride portfolio features long-term pay-as-produced power purchase agreements with a diversified pool of offtakers, including the central and state governments as well as the private sector, and a distributed asset base, said a statement from Actis.

Green energy investments in India have gained momentum in the past few years, with the government aiming to achieve 500GW of installed non-fossil-fuel capacity by 2030.