Avendus Capital acted as Placement Agent to Sustainable Energy Infra Trust, with Offer Size of USD 273 million, co-sponsored by Mahindra Group and Ontario Teachers’

Mahindra Group, a leader in farm equipment, utility vehicles, information technology and financial services businesses in India, and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a leading global institutional investor, through their associates have co-sponsored an Infrastructure Investment Trust (InvIT) holding assets in the renewable energy space. The InvIT, Sustainable Energy Infra Trust (SEIT), is India’s largest InvIT in the renewable energy space*. SEIT has raised primary capital of INR 1,365 crore (USD 165 million) as part of the initial offer of units (Offer). The Offer was subscribed by marquee global and Indian investors, including Asian Infrastructure Investment Bank (AIIB). SEIT made its debut on the National Stock Exchange of India Limited today.

Avendus Capital acted as a Placement Agent to SEIT on its private placement of units and listing.

As announced earlier, and in line with the commitment made by Mahindra Group and Ontario Teachers’, SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. SEIT holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GWp. The capital of INR 897.8 crore (USD 108 million) made available to Mahindra Susten by way of an offer for sale of units of SEIT as a part of the Offer will position Mahindra Susten for the next level of growth and development of a future pipeline of renewable energy assets. Mahindra Susten and SEIT, as a part of their growth strategy, have entered into a Right Of First Offer (ROFO) arrangement, in compliance with InvIT Regulations, whereby renewable energy assets developed by Mahindra Susten will be offered for sale to SEIT. As previously announced, both Mahindra Group and Ontario Teachers’ had committed to invest up to INR 3,050 crore (USD 368 million) and INR 3,550 crore (USD 428 million) respectively into Mahindra Susten and SEIT.