The deal marks NIIOF’s entry into the renewable energy space, adding 433.5 MWp of operational solar assets across five states—Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, and Telangana.
In a statement to MintNIOF said that the acquisition aligns well with its commitment to building a high-quality portfolio backed by stable cash flows.
“By adding SolarArise to its portfolio, NIIOF marks its entry into the renewable space and enhances its ability to deliver predictable long-term returns to investors, while supporting India’s energy transition goals,” it said.
ThomasLloyd Energy Impact Trust in January 2023 acquired SolarArise, founded in 2015 by Tanya Singhal, Anil Nayar, and James Abraham, with investments from Core Infrastructure India Fund Pte Ltd and Global Energy Efficiency and Renewable Energy Fund. NIIOF is a Category II Alternative Investment Fund and is backed by Peak XV Partners, MUFG Bank Ltd, and New York-based Euclidean Capital LLC.
In a statement to MintHemant Daga, CEO and co-founder, Neo Asset Management, said: “Infrastructure is a critical pillar in India’s journey towards becoming a $5 trillion economy. This sector is fast emerging as a preferred asset class for long-term investors. At Neo, we are committed to channelling capital into projects that power India’s growth story. This transaction underscores our ability to source high-quality assets and leverage our deep industry relationships to drive impactful investments.”
Queries sent to ThomasLloyd Energy Impact Trust were not immediately responded to.
Green energy
Abishek Goel, managing director (MD) and head – Infra & Real Assets at Neo Asset Management, noted in a statement that these solar plants will not only generate clean green energy that will power lakhs of homes and industries, but also generate stable income for the fund investors.
“Our team is fully geared up to operate these plants as well as drive operational and financial improvements to enhance value for our investors,” Goel added
The acquisition follows NIIOF’s successful final close in July 2025 at ₹2,300 crore, surpassing its initial target corpus of ₹2,000 crore. This deal represents the fund’s strong momentum in deploying capital into marquee operating assets.
NIIOF is a Securities and Exchange Board of India-registered Category II Alternative Investment Fund that serves as Neo Group’s flagship infrastructure fund. It allows investors to directly take exposure to high-quality operating infrastructure assets. Its strategy is focused on acquiring operational road and solar assets that are underpinned by long-term contracts with reputed counterparties, offering stable and predictable cash flows within a robust regulatory framework.
Backed by global investors like Peak XV Partners, MUFG Bank Ltd, and New York-based Euclidean Capital LLC, Neo is a specialised, new-age wealth and asset management firm catering to high networth individuals (HNIs), ultra high networth individuals (UHNIs), and multi-family offices, built on unbiased advisory, transparency, and cost-efficiency. It also serves global institutions like pension funds, insurance companies, endowments, and sovereign wealth funds investing in India’s long-term growth.
Recent deals
The acquisition comes during a surge in India’s renewable energy sector. In FY25, the capacity addition rose to 29.52 GW from 18.5 GW in FY24, driven by a robust project pipeline and falling solar photovoltaic module prices. Solar energy led the expansion, contributing 23.83 GW of new capacity. India’s total installed solar capacity is now 105.65 GW.
India will require $1.5 trillion in investments by 2030 to meet its climate goals, including $250-300 billion for renewable energy capacity and $200-250 billion for grid and system upgrades, according to a Deloitte report.
Recent M&A activity in the sector includes ONGC NTPC Green’s ₹6,248 crore acquisition of Ayana Renewable Power and Inox Neo Energies’ ₹265 crore buyout of Skypower Solar India. Further, in June,Mintreported that ACEN and UPC Renewables are also exploring a $600 million stake sale in their 1 GW India pipeline.
