9 August 2017 2017 09:45 AM GMT

IDFC Alternatives Fund Acquires Solar Projects Totaling 190MW 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 solar projects utilise First Solar’s advanced CdTe (Cadmium Telluride) based thin film modules, one of the most environmentally friendly PV technologies, and sell the power generated to state utilities, under long term power purchase agreements. The transaction of the solar projects 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.

IDFC Alternatives is one of India’s largest alternatives fund manager with AUM of USD 3.4 billion. It was founded in 2002 and 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.

India Infrastructure Fund II has established Vector Green Energy Private Limited as the operating cum holding company for its control investments in the renewable energy sector. IIF II plans to aggregate controlling stakes in operating capacities under Vector Green’s experienced technical team.

First Solar Power India Private Limited is a fully owned subsidiary of First Solar Inc., 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 and operations of solar projects, First Solar claims that its renewable energy systems protect and enhance the environment.

Image: Courtesy of First Solar

December 8th 2017
Tata Power Solar Commissions India’s First Rooftop Solar Carport In Delhi

Tata Power Solar set another landmark by commissioning an unprecedented rooftop solar project in India – a solar carport on the rooftop of the sprawling 70,000 sq.m Unity One mall, in Rohini, Delhi. The unique rooftop carport is estimated to set off 438 tonnes of carbon emissions annually. The company won the bid in an open tender process fielded by Delhi Metro Rail Corporation for multi-level car parking. The project enables the mall to earn on the unused and excess solar electricity produced. It also cuts down the need to install a second meter or an expensive battery storage system as it is directly connected to the local power grid.

December 8th 2017
India: Increased Commitment By Government Drives Demand For Solar Inverters

SMA has announced that it sold more than 1GW of solar inverters into all market segments in India in 2017. SMA inverter sales in the commercial sector have doubled compared to last year, corresponding to a market share of 30%. In total, the installed SMA inverter base in India exceeds 3 gigawatts. “India is one of the key markets for SMA in the Asia Pacific region. In the last 3 years, we have seen strong commitment from the Indian government driving growing market demand in the solar sector”.

December 8th 2017
By 2036, Clean Energy Can Account for 37% of The Energy Mix For Thailand

With a stronger and more ambitious energy development plan, Thailand’s share of renewable energy in total final energy consumption could surpass its national target by a quarter and reach more than 37 percent by 2036, according to a new report published by the International Renewable Energy Agency (IRENA) and the Ministry of Energy of Thailand. Renewable Energy Outlook: Thailand finds that decreasing imports of fossil fuels and increasing the share of renewables in the energy mix to 37 percent would improve energy security and reduce the cost of Thailand’s energy system by USD 1.2 billion annually by 2036.


 

   

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