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

October 10th 2017
Enel Starts Construction Of Australia’s Largest Solar PV Project

The Bungala Solar One facility is part of the Bungala Solar PV Project and will have an installed capacity of 137.7 MW out of a total of more than 275 MW for the whole project, that will be able to produce 570 GWh per year. The facility will cover an area of approximately 300 hectares and will consist of about 420,000 polycrystalline PV modules mounted on single-axis tracker structures which will follow the Sun’s path from east to west; increasing the amount of energy produced by the plant, compared to PV modules with fixed structures. The overall Bungala Solar PV project is expected to become fully operational in early 2019.

October 16th 2017
Uganda Inaugurates Breakthrough Tororo PV Plant. A Future Model For Africa?

Production has commenced at the Tororo PV power plant; which, with 16 GWh of renewable energy generated annually, will cater for the energy requirements of 35,838 people and help reduce CO2 emissions by 7,200 tons. Overall, $19.6 million was invested to build the 10 MWp plant, with the engagement of several major organisations including KfW and FMO Development Banks, the World Bank and the EU. Attilio Pacifici, EU Ambassador said, “One of the key objectives of this plan is to encourage private sector participation in higher risk investments and we’re happy to demonstrate that Uganda is well positioned to be successful and a good model for replication.”

October 10th 2017
Renovate America Applauds Landmark Protection Framework For PACE Financing

California Governor Jerry Brown signs into law two bills that significantly strengthen Property Assessed Clean Energy (PACE) financing for homeowners and communities. Renovate America, the nation’s largest PACE provider, has hailed Governor Jerry Brown’s signing into law of two bills that provide a landmark regulatory and consumer protection framework for PACE. “Across 150,000 California homes, PACE has already saved enough energy to power the United States for over a day – and this legislation provides the regulatory and underwriting framework to ensure it’s a responsible choice for hundreds of thousands more homes and families,” said Ari Matusiak, Chief Strategy Officer at Renovate America.


 

   

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