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

August 24th 2018
E-Buses to Surge Even Faster Than EVs as Conventional Vehicles Fade

The electrification of road transport will move into top gear in the second half of the 2020s, thanks to tumbling battery costs and larger-scale manufacturing, with sales of electric cars racing to 28%, and those of e-buses (electric buses) to 84%, of their respective global markets by 2030. As the supply of cobalt emerges as a potential risk to the pace of growth in electrified transport over the next few years, the advance of e-buses will become more rapid than for electric cars, BNEF states.

September 17th 2018
MHI Vestas Signs Firm Order for Largest MW Project in Company History

MHI Vestas Offshore Wind will supply 90 of its flagship V164-9.5 MW turbines for the 860 MW Triton Knoll Offshore Wind Farm project; its largest MW project to date. MHI Vestas celebrated the financial close of the deal with innogy, at the site, confirming the project as the largest (MW) in the history of the turbine company. Affirming its strengthening position in the UK offshore wind market, the Danish-Japanese joint venture will supply 90 of the world’s most powerful commercially available turbine, the V164-9.5 MW, and has agreed on a comprehensive 5-year O&M agreement.

August 18th 2018
IET’s Renewable Power Generation Conference Comes To Copenhagen

The Institution of Engineering and Technology’s popular Renewable Power Generation conference will be making its first visit to Denmark this year. The conference, now in its 7th iteration, will be hosted by the Center for Electric Power and Energy at DTU, which also manages the world-class experiment platform for research and development of renewables integration – PowerLabDK. Over 180 new research papers will be presented at the conference. Attendees will be able to find out the latest ideas and thinking around wind power plant modelling and control; wave and tidal energy; renewable energy forecasting; power conversion and grid interaction; Hybrid systems combining multiple energy sources; the impact of distributed generation and use of HVDC.

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