The private markets firm will invest up to $400m in the renewable energy platform to transform the latter into a next-generation independent power producer which aims to achieve an operational capacity of more than 3GW

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Partners Group to acquire majority stake in Sunsure Energy. (Credit: Michael Schwarzenberger from Pixabay)

Partners Group, on behalf of its clients, has signed a deal to take a majority stake in India-based renewable energy and decarbonisation solutions platform Sunsure Energy.

The global private markets firm will invest up to $400m in the renewable energy platform with an aim to develop the latter into a next-generation independent power producer.

Under its ownership, Sunsure Energy will build and own utility-scale wind, solar, battery storage, and solar-wind hybrid clean energy projects, said Partners Group.

The renewable energy platform is aiming to achieve an operational capacity of more than 3GW. It will focus on directly selling power to commercial and industrial (C&I) customers via long-term power purchase agreements (PPAs).

Established in 2015, Sunsure Energy has developed solar plants for commercial and industrial customers and third-party renewable electricity producers in India.

Sunsure Energy founder and CEO Shashank Sharma said: “At Sunsure, we are looking to bridge the gap between the availability of significant solar and wind energy resources in India and the production of solar and wind power.

“Since inception, we have delivered solar power to C&I clients across multiple industries in 16 states.

“We believe Sunsure’s transition into an independent power producer is the best way to ensure more businesses benefit from low-cost solar and wind power in the future.”

The clean energy platform also expects to support clients achieve energy cost reduction and decarbonisation targets. This will be through expanding the scope of existing client relationships to deliver additional value-added services, including carbon credit management and energy-as-a-service, said Partners Group.

Partners Group expects to work closely with the founding team and management of Sunsure Energy to deliver value creation initiatives.

Partners Group private infrastructure Asia managing director Luv Parikh said: “Sunsure is a transformational, next-generation infrastructure investment opportunity in India’s growing renewable energy sector, which has been a thematic focus area at Partners Group for many years.

“We intend to help companies operating in India meet decarbonization goals and assist in the country’s overall energy transition. Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers.”

Partner Groups’ acquisition of Sunsure Energy follows the deal it signed earlier this week to sell Australian renewable energy company CWP Renewables to Squadron Energy.