Anzen India Energy Yield Plus Trust

What Anzen India Energy Yield Plus Trust does

Anzen India Energy Yield Plus Trust is a SEBI-registered Infrastructure Investment Trust (InvIT), established in November 2022 and managed by EAAA Real Assets Managers Limited (ERAML), part of the EAAA Alternatives platform. As of FY2025-26, the trust's portfolio comprised 3 interstate power transmission projects totaling ~1,835 ckm of high-voltage lines and 1,400 MVA of substation capacity (Darbhanga-Motihari in Bihar, NRSS XXXIB in Punjab/Haryana, Kudgi Transmission in Karnataka), alongside ~1.2 GWp of utility-scale solar generation capacity distributed across 14 SPVs in Andhra Pradesh, Punjab, Rajasthan, Telangana, and Uttar Pradesh, with assets and revenues spanning 8 Indian states.

The trust's core technology is physical energy infrastructure operating under long-dated contracts: transmission assets use the Build-Own-Operate-Maintain (BOOM) framework with availability-linked revenues collected through PGCIL's point-of-connection (PoC) pool under 35-year transmission service agreements, while solar assets have predetermined tariffs for 25 years from scheduled commercial operation date under power purchase agreements with state distribution licensees. Management systems are certified to ISO 14001, 45001, 27001, and 55001 by Lloyd's Register, and the trust carries AA credit ratings from both CRISIL and India Ratings.

Anzen's business model is a regulated yield-distribution vehicle. It raises capital through unit issuances on BSE/NSE and private NCD placements (initial AUM >Rs 2,300 crore; AUM ~Rs 8,630 crore as of March 2026), acquires operating energy assets from sponsors and third parties (including a Rs 696.44 crore preferential issuance in March 2026 to fund the 816 MWp Sigma solar acquisition), and distributes predictable quarterly cash flows to institutional and retail unitholders, with FY2027 guidance of Rs 12 per unit and Rs 124.78 fair NAV per unit as of March 2026. The customer base is effectively government counterparties — PGCIL and state discoms — with SEPL Energy Private Limited serving as Project Manager and Epic Green Urja Private Limited as Sponsor effective May 19, 2026.

Name

Anzen India Energy Yield Plus Trust

Legal name

Anzen India Energy Yield Plus Trust

Website

https://anzenenergy.in

Company type

Private

Founded year

2022

Operating status

Operating

Short description

Anzen India Energy Yield Plus Trust is a SEBI-registered Infrastructure Investment Trust that owns and operates ~1,835 ckm of power transmission assets and ~1.2 GWp of solar capacity across 8 Indian states, distributing long-term contracted yields to institutional and retail unitholders.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (Energy Asset Management)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Cogeneration Services & Small Power Producers (4991), Asset-Backed Securities (6189)

akta.pro primary industry

Warranty, Service Contracts & OEM Relationship Management (Claims, SLAs, Performance Guarantees) (EUAMAGAO)

akta.pro secondary industry

Structured Renewable Products (Blocks, Shaped, Baseload, Peak, Firming) (EUAGADAE)

Keywords

• Infrastructure investment trust
• Energy asset management
• Power transmission services
• Solar power generation
• Yield distribution vehicles

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Transmission Revenue: Revenues from three power transmission projects with aggregate network length of ~1,835 ckm and two substations with combined transformation capacity of 1,400 MVA. Revenues are linked to availability under 35-year transmission service agreements, irrespective of quantum of power transmitted, generating long-term predictable and low-risk cash flows. Billing through PGCIL's point of connection (PoC) mechanism.
2. Solar Power Generation Revenue: Revenue from ~1.2 GWp solar portfolio across Andhra Pradesh, Punjab, Rajasthan, Telangana, and Uttar Pradesh. Tariffs predetermined for 25 years under power purchase agreements (PPAs) with credible counterparties. Acquired 12 additional solar assets (~816 MWp) in March 2026.
3. NCD Interest Income: Interest payments from Non-Convertible Debentures (NCDs) issued by the trust. Series A, B, and D NCDs outstanding with regular interest and principal payment schedules. CRISIL and India Ratings credit ratings of AAAC indicate strong debt servicing capability.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Anzen India Energy Yield Plus Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) that invests in and manages a diversified portfolio of energy infrastructure assets, comprising three interstate power transmission projects (~1,835 ckm and 1,400 MVA substations) and ~1.2 GWp of utility-scale solar power assets across India. The trust generates long-term predictable cash flows through 35-year Transmission Service Agreements and 25-year Power Purchase Agreements with predetermined tariffs, and distributes this yield quarterly to institutional and retail unitholders.

Product overview

Anzen India Energy Yield Plus Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) that operates as a diversified energy asset management platform. The trust's portfolio comprises two core product lines: (1) Power Transmission Asset Management — three interstate transmission projects totaling ~1,835 ckt. km of high-voltage lines and 2 substations (1,400 MVA) across Punjab/Haryana, Karnataka, and Bihar, operating under 35-year Transmission Service Agreements on a BOOM framework with revenues linked to availability; and (2) Solar Asset Management — a ~1.2 GWp utility-scale solar portfolio across 14+ SPVs located in Andhra Pradesh, Punjab, Rajasthan, Telangana, and Uttar Pradesh, with predetermined tariffs contracted for 25 years under PPAs. The portfolio expanded significantly in FY2025-26 through acquisition of a ~980 ckm Karnataka transmission project (Kudgi) and 12 solar assets (~816 MWp Sigma portfolio). The trust leverages technical expertise from Sekura Energy Private Limited (Sponsor and Project Manager) for operations and maintenance, with management systems approved by Lloyd's Register to ISO standards.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Transmission Asset Management Asset management of interstate power transmission infrastructure, including high-voltage transmission lines and substations, operated under 35-year Transmission Service Agreements on a Build Own Operate and Maintain (BOOM) framework with availability-linked billing through PGCIL's PoC mechanism. The portfolio comprises 3 transmission projects with ~1,835 ckm of network and 2 substations (1,400 MVA) across Punjab/Haryana, Karnataka, and Bihar.
• Solar Asset Management Ownership and operation of a ~1.2 GWp utility-scale solar photovoltaic power portfolio spanning Andhra Pradesh, Punjab, Rajasthan, Telangana, and Uttar Pradesh, with tariffs predetermined for 25 years from scheduled COD under power purchase agreements (PPAs) with credible counterparties.
• Investment Units (Trust Units) Listed trust units on BSE and NSE that provide institutional and retail investors exposure to a diversified portfolio of energy infrastructure assets with quarterly distributions (FY2027 guidance of Rs 12 per unit) and cumulative distributions of Rs 34.26 per unit since listing.
• Non-Convertible Debentures (NCDs) Non-Convertible Debentures issued through private placement to institutional investors, with regular interest and principal payment schedules; supported by CRISIL and India Ratings credit ratings of AAAC.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Edelweiss Infrastructure Yield PluscoreStrategic or Co-development Partner · 2 March 2026Sold 11 of 12 solar energy entities to Anzen Trust as part of ~816 MWp Sigma portfolio acquisition. Transaction completed on March 2, 2026 under SEBI InvIT Regulations 2014. Trust acquired 74% equity stakes in these entities.
• SEPL Energy Private Limited (Solaire Surya Urja)coreStrategic or Co-development Partner · 2 March 2026One of 12 solar entities (Solaire Surya Urja Private Limited) acquired from SEPL Energy Private Limited as part of the ~816 MWp solar portfolio acquisition. Completed March 2, 2026.
• ReNew Energy Global PlcminorStrategic or Co-development Partner · 23 December 2024ReNew sold a 300 MW operational solar asset in Rajasthan to Anzen Trust. Share purchase agreement signed December 2024, acquisition completed March 2025.
• EAAA Real Assets Managers Limited (ERAML)coreStrategic or Co-development Partner · 16 November 2022ERAML is the Investment Manager of Anzen Trust. ERAML is part of EAAA India Alternatives Limited (formerly Edelweiss Alternative Asset Advisors Limited) business, benefiting from over a decade of experience in Indian private debt and real asset industry. EAAA Alternatives offers alternative investment products across Private Credit, Real Assets and Private Equity.
• Axis Trustee Services LimitedcoreStrategic or Co-development Partner · 16 November 2022Axis Trustee Services Limited is the Trustee of Anzen Trust. Registered intermediary with SEBI under SEBI Debenture Trustee Regulations with registration number IND000000494. Wholly-owned subsidiary of Axis Bank Limited.
• SEPL Energy Private Limited (SEPL)coreStrategic or Co-development PartnerSEPL is the Project Manager of Anzen Trust, providing experience in designing and engineering, operations and maintenance, and managing power transmission and renewable energy projects. SEPL manages 3 power transmission assets and 14 renewable energy assets in India. SEPL is declassified as sponsor effective May 19, 2026 but continues as Project Manager.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Greenko Group: Large Indian renewable energy platform with wind, solar, and pumped-storage hydro assets. Comparable as a major developer of utility-scale renewable projects whose portfolios overlap with Anzen's acquisition pipeline in scale and technology.
• Adani Energy Solutions: Large Indian private-sector operator of power transmission and distribution assets, plus renewable generation. Comparable as a developer of the same underlying transmission/solar asset class that Anzen ultimately acquires, and as a sponsor-affiliated platform that could itself be an InvIT acquisition counterparty.
• Power Grid Corporation of India (PGCIL): Central public-sector transmission utility that operates India's interstate transmission network and serves as the central pool manager (via the PoC mechanism) under which Anzen's transmission assets bill. PGCIL is both a comparable operator of contracted transmission assets and a key counterparty/operator in Anzen's revenue model.
• ReNew Energy Global: One of India's largest renewable energy IPPs. Directly comparable as a seller of solar operating assets to Anzen (300 MW Rajasthan asset acquired in March 2025), and as a holder of large-scale solar capacity that competes for project and asset-level capital.

Emerging players

• Mahindra Susten: Mahindra group's renewable energy asset management and EPC platform. Comparable as a peer operating in the same Indian solar asset management and O&M services space that supports Anzen's solar portfolio.

Direct peers

• Brookfield India Infrastructure Trust: SEBI-registered InvIT sponsored by Brookfield, operating a portfolio of infrastructure assets including renewable energy and toll roads. Closely comparable to Anzen as an institutional-grade Indian InvIT focused on long-term contracted infrastructure cash flows.
• Oriental InfraTrust: SEBI-registered InvIT sponsored by Oriental Structural Engineers, operating road infrastructure assets. Structurally analogous to Anzen as an Indian InvIT vehicle targeting predictable long-term distributions, although focused on roads rather than energy.
• IRB Infrastructure Trust: SEBI-registered InvIT sponsored by IRB Infrastructure, operating toll-road assets. Comparable as another listed Indian InvIT with quarterly distributions, asset-acquisition-driven growth, and similar investor base targeting infrastructure yield.
• IndiGrid (India Grid Trust): India's first power sector InvIT, also listed on BSE/NSE, owning and operating interstate power transmission assets under TSAs with revenue linked to availability. IndiGrid is the most direct structural and operational comparable to Anzen's transmission portfolio, with both trusts targeting predictable, long-duration cash distributions.

Others

• SEPL Energy Private Limited: Original sponsor and current Project Manager of Anzen Trust, with experience in power transmission and renewable project development, engineering, and O&M. Comparable as a closely linked operating partner and as an Indian independent power transmission/Renewable Energy asset operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anzen India Energy Yield Plus Trust