IDFC Alternatives today said it has acquired 190 MW of solar power assets of First Solar Group across seven projects in India for an undisclosed amount.
"IDFC Alternatives' India Infrastructure Fund II (IIF II), through its wholly-owned subsidiary Vector Green Energy, has entered into definitive agreements with First Solar Power India, First Solar FE Holdings and their affiliates for the complete acquisition of seven operating solar projects owned and operated by the First Solar Group," the company said in a statement here.
No financial details of the deal were disclosed.
First Solar is currently operating seven projects in states like Andhra Pradesh and Telangana aggregating to a capacity of 190 MW.
"Consistent with its stated strategy of aggregating operating renewable assets, the 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," IDFC Alternatives Partner Aditya Aggarwal said.
Commenting on the deal, First Solar India Country Head Sujoy Ghosh said, "This is an important milestone for our company's development activities in the country.
"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.
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