Maiden Energy InvIT’s Fundraising Ends With Edelweiss
- ByStartupStory | November 17, 2022
A division of Edelweiss Alternatives called Edelweiss Real Assets Managers Ltd. said on Wednesday that AnZen India Energy Yield Plus Trust, the company’s first energy infrastructure investment trust, has completed its fundraising (InvIT).
According to a statement from Edelweiss, AnZen Trust is a diversified and growth-oriented energy InvIT with an initial AUM of over 2,300 crores that focuses on high-quality energy assets. AnZen Trust raised money through a private placement and received a positive response from a diverse group of eligible institutional and other investors who now own about 26% of the units.
“Primary capital for the InvIT has been raised to the tune of 750 crores. Subahoo Chordia, head of infrastructure funds at Edelweiss Alternatives, noted that the leverage of the InvIT is currently around 30%, allowing us to raise capital through leverage for expansion and acquisitions.
According to the statement, AnZen Trust will seek to invest in a diverse portfolio of energy assets, including transmission lines and renewable energy projects, in order to offer its investors a long-term, predictable yield and growth. After Virescent and IndiGrid, both owned by KKR, this is India’s third InvIT with an energy-related focus. “Compared to other InvITs in the Indian market, our strategy is unique. We will invest in renewable energy sources, transmission infrastructure, and energy storage because this is a diversified energy InvIT. We won’t be concentrating on a single asset class; instead, an InvIT will have a variety of different asset categories. Additionally, comparable to significant yield companies found in the West, our strategy involves buying mature operating assets with a proven track record of operations. In Punjab, Haryana, and Bihar, AnZen Trust purchased two interstate transmission assets that are currently in operation. Under the point of connection method run by Power Grid Corp. of India, these assets have a residual transmission service agreement tenure of more than 30 years. Additionally, it has the right of first offer (ROFO) on the ownership interests in 12 solar energy assets with a combined generation capacity of about 813 megawatts that belong to its sponsor or affiliates. AnZen Trust will assist us in offering an investment solution to satisfy the clients’ expanding yield requirements and grow our customer franchisee, according to Chordia.
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