Indian firm Vector Green Energy Pvt Ltd has purchased a 40-MW portfolio of grid-connected solar parks in the state of Madhya Pradesh, India.
The acquired assets are owned and operated by New Delhi-based power plants operator IL&FS Energy. The value of the transaction, confirmed to Mercom by Aditya Aggarwal, partner – infrastructure at IDFC Alternatives, was not disclosed.
The deal covers two photovoltaic (PV) plants of 20 MW each that have 25-year power purchase agreements (PPAs).
Vector Green is a wholly-owned renewable energy platform of India Infrastructure Fund II, which is part of IDFC Alternatives, a subsidiary of fund manager IDFC Ltd (BOM:532659). IDFC Alternatives intends to buy an additional 200 MW of operational capacity by March 2018. The acquisitions will involve smaller portfolios from different owners, Aggarwal said, adding that expansion into the commercial rooftop solar segment is also part of the company’s future plans.