TPG Acquires Aseem Infrastructure Finance, Backing 27 GW RE Financing Platform

Global alternative asset management firm TPG has signed definitive agreements to acquire a 100% stake in Aseem Infrastructure Finance (Aseem), alongside co-investors GIC and ICICI Bank. In a press release, TPG said ICICI Bank will hold up to a 5% stake in the company. TPG is making this investment through TPG Rise Climate, the firm’s climate investing platform, as part of its Global South Initiative. This initiative was launched in partnership with ALTÉRRA and was designed to scale climate solutions across emerging markets. ICICI Securities acted as financial advisor to Aseem and NIIF in connection with the transaction while Shardul Amarchand Mangaldas acted as legal advisors to NIIF . EY served as the financial advisor and Cyril Amarchand Mangaldas, Linklaters, and Trilegal acted as legal advisors to TPG and GIC. The transaction remains subject to customary regulatory approvals and closing conditions. Aseem Infrastructure Journey Mumbai-based Aseem Infrastructure Finance, a sustainable infrastructure debt financier, has disbursed over Rs. 40,000 Cr of loans across critical infrastructure sectors, funding over 27 GW of renewable energy projects. With a core focus on renewable energy, power transmission, and other infrastructure assets in India, Aseem has supported ~2,000 ckms of power transmission projects. The company was established in 2020 by the National Investment and Infrastructure Fund (NIIF), India’s sovereign-anchored alternative asset manager. NIIF is the Company’s majority shareholder, with the Government of India and SMBC Japan as minority shareholders. Leadership View On the latest acquisition, Sanjeev Mehra, Business Unit Partner at TPG Capital Asia, said, “Aseem has been a first-mover in India’s sustainable debt financing space, having built a platform that is uniquely positioned to address the country’s growing climate debt financing needs.” Mehra added, “We are excited about our investment and look forward to partnering with the management team to be a catalyst through funding climate solutions that drive energy addition and resilience in India, in line with the India government’s target to reach 500 GW of renewable energy capacity by 2030.” Nilesh Shrivastava, Partner, Growth Equity, NIIF, said: “Aseem’s growth journey reflects NIIF’s ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality. This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate financing market. We look forward to Aseem’s continued growth under the stewardship of TPG, GIC and ICICI Bank.”