IDFC Alternatives Infra Fund acquires seven solar projects from First Solar
India Infrastructure Fund II (which is represented by its Investment Manager, IDFC Alternatives Limited) through its wholly owned subsidiary Vector Green Energy Private Limited, has entered into definitive agreements with First Solar Power India Private Limited, First Solar FE Holdings Pte Ltd, and their affiliates (“First Solar Group”) for the complete acquisition of seven operating solar projects owned and operated by the First Solar Group in the Indian states of Andhra Pradesh and Telangana aggregating to a capacity of 190 MW AC. All the projects utilise First Solar’s advanced CdTe (Cadmium Telluride) based thin film modules, one of the most environmentally friendly PV technology, and sell the power generated to state utilities, under long term power purchase agreements.
The transaction is subject to customary regulatory approvals and other conditions precedents.
Speaking on the occasion, Mr. Aditya Aggarwal, Partner, IDFC Alternatives leading the renewable initiative said “We are pleased at the prospect of adding First Solar’s operating solar projects to India Infrastructure Fund II’s renewable energy platform Vector Green Energy Private Limited. Consistent with its stated strategy of aggregating operating renewable assets, IIF II is well on its way to achieving an installed base of 400-450 MW of operating renewable assets by the end of the current financial year.”
Mr. Sujoy Ghosh, Country Head, for First Solar India, said, “This is an important milestone for our company’s development activities in India. We are able to demonstrate the ability to recycle capital, by creating a portfolio of de-risked assets that demonstrate predictable and reliable cash flows, and thereby create value for sophisticated financial investors like IDFC Alternatives.
About IDFC Alternatives
IDFC Alternatives is one of India’s largest alternatives fund manager with AUM of USD 3.4 billion. It was founded in 2002. IDFC Alternatives manages 9 India dedicated funds across 3 asset classes: Private Equity, Infrastructure and Real Estate with a dedicated and experienced team of 37 investment professionals. IDFC Alternatives is a wholly owned subsidiary of IDFC Limited. For more information about IDFC Alternatives, please visit www.idfc.com
About Vector Green
India Infrastructure Fund II has established Vector Green Energy Private Limited (“Vector Green”) as the operating cum holding company for its control investments in the renewable energy space. IIF II plans to aggregate controlling stakes in operating capacities under Vector Green’s experienced technical team.
About First Solar
First Solar Power India Private Limited is a fully owned subsidiary of First Solar Inc. (“First Solar”). First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
Source: idfc.com
