Neo Group's primary infrastructure fund, Neo Infra Income Opportunities Fund (NIIOF), has acquired SolarArise India Projects Pvt. Ltd from the ThomasLloyd Energy Impact Trust, which is listed on the London Stock Exchange, for an enterprise value of Rs.1,400 crore.
The agreement signifies NIIOF’s foray into renewable energy, incorporating 433.5 MWp of active solar assets spread across five states: Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, and Telangana.
NIOF stated that the acquisition fits perfectly with its dedication to creating a high-quality portfolio supported by reliable cash flows.
"NIIOF's inclusion of SolarArise in its portfolio signifies its foray into the renewable sector, boosting its capacity to provide consistent long-term returns to investors and aiding India's energy transition objectives," it stated.
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In January 2023, ThomasLloyd Energy Impact Trust purchased SolarArise, established in 2015 by Tanya Singhal, Anil Nayar, and James Abraham, with backing from Core Infrastructure India Fund Pte Ltd and Global Energy Efficiency and Renewable Energy Fund. NIIOF operates as a Category II Alternative Investment Fund and is supported by Peak XV Partners, MUFG Bank Ltd, and Euclidean Capital LLC from New York.
Hemant Daga, CEO and co-founder of Neo Asset Management, stated: “Infrastructure is essential for India’s progress in becoming a $5 trillion economy.”
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This sector is quickly becoming a favored asset type for long-term investors. At Neo, we are dedicated to directing funds towards initiatives that drive India’s growth narrative. This deal highlights our capability to acquire top-notch assets and utilize our extensive industry connections to make significant investments.
The acquisition comes after NIIOF's successful final close in July 2025 at Rs.2,300 crore, exceeding its original target corpus of ₹2,000 crore. This agreement highlights the fund's robust progress in investing capital into prominent operational assets.