India Infrastructure Fund II, represented by its investment manager IDFC Alternatives Limited, through its wholly owned subsidiary Vector Green Energy Private Limited, will acquire seven operating solar projects in the Indian states of Andhra Pradesh and Telangana from First Solar Power India Private Limited, First Solar FE Holdings Pte Ltd, and their affiliates. Cumulative capacity is 190 MW. All the projects utilize First Solar’s CdTe based thin film modules and sell the power generated to state utilities under long term power purchase agreements. According to the company, »IIF II is well on its way to achieving an installed base of 400 to 450 MW of operating renewable assets by the end of the current financial year.«
IDFC Alternatives was founded in 2002 and is one of India's largest alternatives fund manager with assets under management of $3.4 billion. India Infrastructure Fund II has established Vector Green Energy Private Limited as the operating holding company for its control investments in the renewable energy business.
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