Solar project developer SolarArise has sold its entire 434 megawatts (MW) portfolio to existing investor ThomasLloyd Energy Impact Trust (TLEI), listed on the London Stock Exchange (LSE).

Gurgaon-based SolarArise is now a utility-scale solar company whose assets are listed on the London Stock Exchange as part of a trust. In a separate public disclosure, TLEI said it had completed the acquisition of the “remaining 57% economic interest” in SolarArise India Projects Private Limited, bringing its total ownership to 100%. TLEI said the consideration of US$38.5 million came from existing cash resources. In August 2022, TLEI acquired a 43% stake in SolarArise.

SolarArise was founded in 2015 by entrepreneurs Tanya Singhal, Anil Nayar and James Abraham. Its investments come from Core Infrastructure India Fund Pte Ltd, an equity fund managed by Kotak Mahindra and Global Energy Efficiency and Renewable Energy Fund, a fund advised by the European Investment Banking Group.

The company has a portfolio of 430 MW of solar power projects in five states, of which 234 MW are operational, and the rest are under construction.

According to TLEI’s website, it is the first and only firm on the London Stock Exchange dedicated to providing fast-growing Asian economies with direct access to sustainable energy infrastructure.