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• TPG Rise Climate, along with GIC and ICICI Bank, has signed definitive agreements to acquire 100% of Aseem Infrastructure Finance Ltd. (AIFL) from the National Investment and Infrastructure Fund (NIIF) and other shareholders in a deal valued at around INR 5,000 crore.
• Aseem Infrastructure Finance, established by NIIF in 2020, has emerged as a leading non-banking financial company (NBFC) focused on financing renewable energy, power transmission and sustainable infrastructure projects across India.
• The acquisition supports TPG Rise Climate's Global South Initiative, aimed at accelerating climate-focused investments, while positioning Aseem to expand financing for India's clean energy and infrastructure transition.
• The transaction highlights growing global investor confidence in India's sustainable infrastructure sector and is expected to strengthen the availability of long-term capital for renewable energy and climate-related projects.
Global alternative asset management firm TPG, through its dedicated climate investing platform TPG Rise Climate, has signed definitive agreements to acquire Aseem Infrastructure Finance Ltd. (AIFL) in partnership with Singapore's sovereign wealth fund GIC and ICICI Bank. The acquisition, valued at approximately INR 5,000 crore according to market estimates, marks one of the largest recent investments in India's sustainable infrastructure financing sector and signals growing global confidence in the country's climate transition opportunities.
The transaction involves the acquisition of a 100% stake in Aseem Infrastructure Finance from the National Investment and Infrastructure Fund (NIIF) and its other shareholders. While TPG and GIC will become the principal investors, ICICI Bank will retain up to a 5% equity stake in the company, with the remaining allocation reserved for employee stock ownership plans (ESOPs). The acquisition is being undertaken through TPG Rise Climate's Global South Initiative, which focuses on accelerating climate-related investments across emerging markets.
Established in 2020 by NIIF, Aseem Infrastructure Finance has emerged as one of India's leading specialised lenders for sustainable infrastructure projects. The company focuses primarily on financing renewable energy, power transmission and other core infrastructure assets, providing long-term debt solutions for sectors that are critical to India's energy transition. Over the past six years, Aseem has disbursed more than INR 40,000 crore in loans, supporting over 27 GW of renewable energy capacity and financing more than 2,000 kilometres of power transmission infrastructure. These projects are estimated to have contributed to reducing approximately 33 million tonnes of greenhouse gas emissions.
According to TPG, the acquisition aligns with its strategy of investing in businesses that can accelerate climate solutions while generating long-term financial returns. The firm believes Aseem's established lending platform is well positioned to address India's growing requirement for climate-focused infrastructure financing as the country works towards achieving its target of 500 GW of renewable energy capacity by 2030. The investment is expected to strengthen the availability of long-term capital for clean energy, power infrastructure and sustainable development projects.
For NIIF, the transaction represents another successful exit from its investment portfolio and highlights its role in incubating scalable infrastructure financing platforms. Company officials noted that Aseem has demonstrated strong governance standards, asset quality and profitability since its inception, making it an attractive investment opportunity for leading global institutional investors. The exit also reinforces NIIF's strategy of building institutional-grade businesses capable of attracting long-term private capital into India's infrastructure sector.
The acquisition comes at a time when demand for sustainable finance is rising rapidly as governments, financial institutions and private investors increase investments in renewable energy and low-carbon infrastructure. India continues to be one of the world's fastest-growing renewable energy markets, creating substantial financing opportunities for specialised lenders such as Aseem Infrastructure Finance.
Industry experts believe the transaction will further strengthen India's sustainable finance ecosystem by combining Aseem's proven lending capabilities with TPG's global investment expertise and GIC's long-term institutional capital. Together with ICICI Bank's participation, the consortium is expected to support Aseem's next phase of growth while expanding financing for renewable energy, transmission networks and other strategic infrastructure projects across the country.
Source- TPG
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