The India infrastructure fund of IDFC Alternatives is buying three solar projects in Punjab and Rajasthan from Punj LloydBSE 1.29 % Infrastructure as part of the parent’s plans to establish a presence in the renewable energy space through acquisitions — as much as 1,000 megawatts in a year or so.The deal on the three solar projects with a total capacity of 45 megawatts was signed on Saturday evening, said people with knowledge of the matter. IDFC paid about Rs 100 crore to wholly acquire the three projects from the Punj Lloyd unit, they said.
Aditya Aggarwal, partner, infrastructure, IDFC Alternatives, confirmed the deal but declined to disclose the price.This is IDFC’s second investment in the renewable energy space, having acquired a 25 MW wind power plant from Jindal Steel & Power Ltd for an undisclosed valuation in October.The company wants to put together a renewable energy portfolio in 12 to 18 months through acquisitions with a capacity of 500 to 1,000 MW, said people with knowledge of the matter. It envisages assets with capacity of 250 MW in six months based on solar, wind and hydro energy.
IDFC, which plans to float a platform to hold its renewable energy assets, is creating an in-house team to manage them, said some of those cited above. This will include the recruitment of a CEO and CFO.