Vector Green Energy is a portfolio company of India Infrastructure Fund II (IIF) and acts as an operating cum holding company for IIF II’s control investments in the renewable energy space. Vector Green is managed by IDFC Alternatives.
The refinancing was initially sought after the company acquired the projects from First Solar late last year. “Along with the acquisition, the SPVs (special purpose vehicles) have also raised long term non-recourse financing from IndusInd Bank and L&T Infra Debt Fund to refinance the existing project lenders. IIB and L&T Finance have together sanctioned more than ₹10 billion (~$156 million) to Vector Green toward the acquisition of the First Solar portfolio,” Vector Green Energy said in a press release.
It has completed the refinancing of two solar projects with 223 MW of combined capacity in Telangana and is set to acquire another 240 MW of operating capacity from different owners. IIF II expects to complete these acquisitions by March 2018. According to the company, these acquisitions will expand Vector Green’s operating base to 350 MW.