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Neo Infra Fund Acquires SolarArise in Rs1,400 Crore Deal

Neo Group’s flagship infrastructure fund, Neo Infra Income Opportunities Fund (NIIOF), has acquired SolarArise India Projects Pvt. Ltd from ThomasLloyd Energy Impact Trust for an enterprise value of Rs1,400 crore. With this deal, NIIOF enters the renewable energy sector, adding 433.5 MWp of operational solar assets spread across Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, and Telangana.

NIIOF highlighted that the acquisition supports its strategy of creating a strong portfolio with reliable cash flows while contributing to India’s clean energy transition. According to Hemant Daga, CEO and co-founder of Neo Asset Management, infrastructure is a critical driver for India’s $5 trillion economy vision, and renewable energy is becoming a preferred investment choice for long-term capital.

SolarArise, founded in 2015 by Tanya Singhal, Anil Nayar, and James Abraham, was earlier acquired in 2023 by ThomasLloyd with backing from Core Infrastructure India Fund and the Global Energy Efficiency and Renewable Energy Fund.

This acquisition comes after NIIOF successfully closed its fund in July 2025 at Rs2,300 crore, surpassing its target of Rs2,000 crore. Backed by Peak XV Partners, MUFG Bank, and Euclidean Capital, NIIOF plans to leverage industry partnerships to accelerate impactful investments in India’s energy sector.