Alternative investment manager TPG is set to acquire Aseem Infrastructure Finance – an Indian sustainable infrastructure debt investor. Singaporean sovereign wealth fund GIC and India’s ICICI Bank will co-invest alongside TPG.
Aseem has thus far financed over 27GW of renewable energy projects across the country. India’s sovereign wealth fund – the National Investment and Infrastructure Fund (NIIF) – has been the company’s principal backer since the latter’s launch in 2020. NIIF is currently Aseem’s largest shareholder.
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Nilesh Shrivastava, partner for growth equity at NIIF says the transaction reflects growing investor interest in India’s transition infrastructure market. “Aseem’s growth journey reflects NIIF’s ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality”, Shrivastava said.
“This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate financing market”, he added.
NIIF’s $2.3bn sustainable infrastructure fund is the country’s largest infrastructure fund. Renewable energy is one of the fund’s target verticals.
NIIF has previously partnered with British International Investment and Green Growth Equity Fund to develop green energy platforms in India.
TPG’s investment, for an undisclosed amount, is being structured through TPG Rise Climate and its Global South Initiative. The latter, a strategy developed in partnership with ALTERRA, specialises in climate solutions investing in emerging markets.
Sanjeev Mehra, business unit partner at TPG Capital Asia says the investment is aligned with India’s target to reach 500GW of renewable capacity by 2030.
“Aseem has been a first-mover in India’s sustainable debt financing space, having built a platform that is uniquely positioned to address the country’s growing climate debt financing needs”, he commented.
The transaction is subject to regulatory approvals and closing conditions.
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