Neo Infra Income Opportunities Fund (NIIOF), the flagship infrastructure investment arm of Neo Asset Management, has signed an agreement to acquire SolarArise India Projects Pvt Ltd. The value of the deal is ₹1,400 crore. With this transaction, NIIOF is making a big leap in the green energy sector by adding a total of 433.5 MWp of distributed solar power assets spread across five Indian states to the existing capacity.
Neo Infra Income Opportunities Fund (NIIOF), a marquee multi-strategy alternative fund with a primary focus on infrastructure in India, announced the acquisition of SolarArise India Projects Pvt. Ltd., for 1,400 crores. The vendor will be Thomas Lloyd Energy Impact Trust, which is a London Stock Exchange-listed company.
Through this deal, NIIOF is expanding its presence in the domain of clean energy after a complete takeover of a solar portfolio of 433.5 MWp distributed over projects in Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, and Telangana. This transaction follows closely NIIOF’s final closing at ₹2,300 crore in July 2025, which exceeded the original target corpus of ₹2,000 crore by 15%.
Indian solar developer SolarArise has taken advantage of strong market demand in the Indian green energy industry since 2015 and has been supported by Core Infrastructure India Fund Pte Ltd and the Global Energy Efficiency and Renewable Energy Fund. With the mission to realize its investment approach of prioritizing operating infrastructure projects with long-term contract security as the source of predictable and stable returns for investors in the backdrop of the acquisition, NIIOF is reaffirming that endorsement.
Neo Asset Management (Neo) is a wealth and asset management firm located in India that is mainly focused on High Net-Worth Individuals (HNWIs), Ultra-High Net-Worth Individuals (UHNIs), family offices, as well as institutional investors. NIIOF (Neo Infra Income Opportunities Fund) is designed to acquire solar and road projects that have stable operating cash flow along with well-negotiated contractual arrangements with the counterparty. (NIIOF is registered as a Category II Alternative Investment Fund (AIF) regulated by the Securities and Exchange Board of India (SEBI)).
The fund has got the russiaed support of its numerous marquee global investors, among them Peak XV Partners, MUFG Bank Ltd, and Euclidean Capital LLC, which reflects its capacity to draw top-notch long-term institutional capital.
Furthermore, the transaction energizes the momentum of the clean energy wave sweeping across India. In FY25, clean energy capacity varied and was more than 1.5 times that of the previous year to 29.52 GW, compared to 18.5 GW added in FY24. The solar capacity was the largest contributor to the growth of clean capacity by 23.83 GW, bringing the installed solar capacity in India to 105.65 GW. According to the consultant, India industry estimates, $1.5 trillion of total investment will be required to meet clean energy targets by 2030, of which $250-300 billion will be reserved for renewables capacity expansion.
The NIIOF-SolarArise acquisition is seen as another positive indicator of the momentum in renewable M&A activity. Recent transactions that attract the most attention are ONGC NTPC Green acquiring Ayana Renewable Power for ₹6,248 crore and Inox Neo Energies buying Skypower Solar India for ₹265 crore. These deals indicate the market activity of India which is rather strong and shows investor confidence in the green energy growth story of the country.
In general, with the acquisition of SolarArise’s assets, NIIOF is positioned to be a leading infrastructure investor with a diversified portfolio of sustainable and long-term return-generating investments, which are aligned to India’s clean energy transition commitment.
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