Mahindra Group and Ontario Teachers’ Co-Sponsor India's Largest RE InvIT
SEIT, making its debut on the National Stock Exchange of India Limited, raised a primary capital of INR 1365 Crore through a successful initial offer of units.
January 16, 2024. By Abha Rustagi
SEIT, making its debut on the National Stock Exchange of India Limited, raised a primary capital of INR 1365 Crore (USD 165 Million) through a successful initial offer of units. The trust, with assets in the renewable energy space, is set to focus on the growth of India's renewable energy sector at scale.
Operational renewable power assets with a generation capacity of approximately 1.54 GWp are held by SEIT, initially seeded by Mahindra Susten. The capital of INR 897.8 Crore (USD 108 Million) made available to Mahindra Susten positions the company for the next level of growth and development of a future pipeline of renewable energy assets. Both Mahindra Group and Ontario Teachers’ had committed substantial investments into Mahindra Susten and SEIT.
Dr. Anish Shah, Group CEO & MD, Mahindra Group, expressed confidence in the group's ability to attract strong external investors, emphasizing Mahindra Susten's ambitious plans for 5X growth in the next five years. The renewable energy sector's continued growth aligns with the nation's green energy goals.
Deb Hajara, Managing Director, Infrastructure & Natural Resources at Ontario Teachers’, highlighted the significance of co-sponsoring SEIT and contributing to India's renewable energy ambitions. This milestone reinforces their commitment to global investments in green and transition assets.
Avinash Rao, CEO of the Investment Manager to SEIT, emphasized the attractiveness of renewable energy investment opportunities in India. The InvIT structure, considered investor-friendly, is expected to further enable growth in the portfolio.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, and Avendus Capital Private Limited acted as Placement Agents to the transaction, while Cyril Amarchand Mangaldas and S&R Associates served as legal counsels.
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