Vector Green Energy Private Limited, an independent power producer (IPP) which operates wind and solar projects, has finally acquired 225 MW (AC) solar generation capacity from RattanIndia, according to a source.
The deal amount was not disclosed. This acquisition will nearly double its solar portfolio in the country to 500 MW.
According to Mercom India Solar Project Tracker, the projects acquired by Vector Green are located in the following states –
- Maharashtra (44 MW)
- Uttar Pradesh (52 MW)
- Rajasthan (70 MW)
- Karnataka (50 MW)
- Also includes few small-scale projects including 100 rooftop sites totaling 9 MW
Last year, the company completed the refinancing of two solar projects with 223 MW of combined capacity in Telangana.
The company’s previous solar project acquisitions include a 45 MW project acquired from Punj Lloyd, 40 MW project from IL&FS Energy and a 190 MW from First Solar.
With this acquisition, Vector Green Energy joins a long line of companies bringing in foreign direct investment into the Indian renewable sector. India’s renewable industry attracted FDI worth $1.4 Billion in 2018-19.
Reference- Mercom India